Warwick is an all-ages manufactured home community located in Princess Anne, the county seat of Somerset County. With its split-rail fencing, trees, and attractive park-owned homes, majority 2014 or newer, Warwick is an inviting and affordable place to live, as evidenced by its occupancy.
The park has its own part-time manager, who handles basic maintenance and collects rent among other duties. Minimum lease is one year, and thereafter month to month. Owner says it’s not uncommon for tenants at this park to stay five years or more.
In addition to rent upside, another more immediate value-add is to lease up the two vacant lots. One has a shed on it that owner uses for storage. Lot already has water and sewer to pad, and a meter for electric. Remove the shed, install a home and boost income by approx. $10K/year. A smaller lot is also available near the park entrance that owner believes would accommodate a 14x46 1-BR.
When owner acquired Warwick in 2014, he removed the old homes, kept six 2007 models and over time, added 20 more, 2014 or newer. Most of the POH at Warwick are 2 BR/1 BA, although there are some 3 BRs and some 1 BRs. At an estimated $80K to purchase and install a new single-wide, the replacement cost of the existing POH’s is over $2 million.