Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: Cash, New Loan, Assumable Loan
  • Cap Rate: 8.0%
  • Listing ID: 804348
  • Posted On: Apr 18, 2017
  • Updated On: Jul 21, 2020

Description

NEW LISTING!!! The 103 site Hillcrest Manor MHP is a Western PA family park with $260 rent $100 below market site rents. Closest comparable parks are $359-375. 89% occupied, 8% cap with upside, $26,600/site. 75% of tenants are 55+, no amenity park, Owner pays city water/sewer/trash, but uses a well for water and city water as back-up. 18 rentals, 100% occupied, avg rent of $505, mostly 1980's-1990's vintage. $2,900,000

Location

Hillcrest Manor MHP is located in Western PA, one hour E/SE of Pittsburgh. Located in Friedens (1,600 pop.) 2 miles east of the borough of Somerset (pop. 6,500), which is the county seat of Somerest County, pop. 80,000.

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Park Information

Community Type: All Age
Number of MH Lots: 103
Total Occupancy: 89.0 %
Year Built: 1980
Average MH Lot Rent: $260
Size: 15 acre(s)

Financial Information (Actual)

Gross Income: $367
Operating Expense: $135
Net Operating Income: $231
Expense Ratio: 36.8 %
Debt Info: $1,300,000, 5.25%, 4 yrs remain, Farmers Bank, Youngstown OH

Lot Information

Singlewide Lots: 62
Doublewide Lots: 41

RV Information

Number of RV Lots: 0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 18
Average Rent for Park-owned Homes: $505

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