Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)
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Mobile Home Park Details

  • Price: $1,700,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.7%
  • Listing ID: 4176648
  • Posted On: Dec 15, 2023
  • Updated On: Feb 28, 2024

Description

Newtown Hill Trailer Park & Apartments is an immaculate 20-pad MHP & 11-unit Multi-family (a 9-unit building plus a duplex) investment property located on 8.66 acres in Mansfield, PA. This park was established in the 1980's. The property is zoned commercial. The current owner personally collects the rent from the tenants on a monthly basis. The park is currently owned by a local who splits time between Florida & Pennsylvania (snow bird) so it does not have an on-site manager currently. The current owner has also handled all of the maintenance work himself. The owner has lived in this community his entire life so I'm certain that we could identify some local "boots on the ground" help for an out-of-area investor.

The pads at Newtown Hill Trailer Park vary in size. There are presently ZERO homes that need to be removed from the property as they are all in solid condition. The majority of the homes in the park are owned by the park. Out of the 20-pads in the park, thirteen are currently occupied. Out of the thirteen occupied pads in the park there are ten POH's. All ten of the POH's are occupied with tenants with rent ranging between $700 & $850/month. The POH's range in age primarily between the late 90's up to 2019. There are presently three tenant owned homes on the property. The pad rental rate for the TOH's is $300/month. The rent on the POH's was increased by $50 on December 1st, 2023. The rent on the TOH's has not been raised since 2017. None of the trailers being held for back taxes. The park utilizes month-to-month leases. The park has all of the title's to the POH's with the exception of Lot#1. Currently there are ZERO tenants behind on rent.

The eleven apartments & duplex units are 100% occupied. Rent for these units ranges between $600 and $1,000/month.

The MHP and apartment building portion of this portfolio is on a private well with CITY SEWER. The well is DEP permitted and will need to go in the new owners name immediately as it needs a certified operator to operate the system. The current operator may be willing to operate it for the next ownership group. The waterlines are primarily plastic. The electrical pedestals range between 60/100 amp to each pad. Residents are billed directly for their electricity and gas. The park pays for water, & garbage. The roads are considered to be in fair shape are are primarily gravel. The park maintains the roads. The park currently mows the entire property. The park also moves snow when needed.

The duplex is a couple hundred yards away from the MHP & Apartment building. It is currently on well & septic. Public sewer lines could be hooked up for around $25,000 in the event of a rare and unexpected septic failure.

City water is about 3/4 of a mile away from the property. The owner estimates the cost of converting to city water at around $200,000...however he also mentions that there are 8-12 houses between the town and the park that might help share that expense.

The current owner of this property has owned it for eight years. He is wanting to spend more time in Florida and that is why he has decided to sell this property. Over the past eight years he has brought in five new trailers, three used trailers, and upgraded the rent of the units. When asked what items would he concentrate on improving if he kept the park, he simply answered with "continue to infill the park by putting trailers on the current vacant pads".

Location

Mansfield, PA is a small town located in Tioga County in north-central Pennsylvania, USA. It's known for being the home of Mansfield University of Pennsylvania (1,600 students). The university has a significant impact on the town's atmosphere, contributing to its vibrant community and cultural events. The town itself is surrounded by picturesque landscapes, with opportunities for outdoor activities such as hiking and exploring nearby parks like Hills Creek State Park. The area experiences all four seasons, with cold winters and warm summers. Mansfield has a small-town charm, and its community often engages in local events and festivals. It's a peaceful place, making it appealing for those who prefer a quieter and more rural lifestyle. If you're interested in historical sites, you might find the town's history intriguing, with some well-preserved buildings and landmarks.

Mansfield is located:

36 miles from Elmira, NY
149 miles from Buffalo, NY
225 miles from Philadelphia, PA
237 miles from New York City, NY
243 miles from Pittsburgh, PA

The unemployment rate in Mansfield is 7.9% (U.S. avg. is 6.0%). Recent job growth is Positive. Mansfield jobs have increased by 0.5%.

Compared to the rest of the country, Mansfield's cost of living is 17.7% lower than the U.S. average.

Mansfield's population is 2,933 people. Since 2020, it has had a population decline of 6.9%.

Average Commute time is 15.3 minutes. The National Average is 26.4 minutes.

Home appreciation the last 10 years has been 10.4%

Mansfield public schools spend $14,217 per student. The average school expenditure in the U.S. is $12,383. There are about 11.7 students per teacher in Mansfield.

Here are the largest employers in Tioga County, PA:

•UPMC Wellsboro (Hospital)
•Ward Manufacturing (Manufacturing)
•Northern Tioga School District (Public Education)
•Keystone Clearwater Solutions LLC (Waste water solutions)
•PA State System of Higher Education (Public Schools)
•Westlake Royal Building Products (Manufacturing)
•Southern Tioga School District (Public Education)
•State Government

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Park Information

Community Type: All Age
Number of MH Lots: 31
Total Occupancy: 78.0 %
Year Built: 1980
Size: 9 acre(s)

Financial Information

Gross Income: $222,000
Operating Expense: $71,056
Net Operating Income: $150,944
Expense Ratio: 32.0 %

Utility Information

Water: Well
Water Paid By: Park
Sewer: City

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