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Skyview Ridge

Mobile Home Community for Sale in Waldoboro, Maine

400 Friendship St
Waldoboro, ME 04572

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Sale Price: $1,400,000

Contact Information

Andrew Roberts

Mobile Home Park for Sale

Number of MH Lots: 44
Size: 11.6 acre(s)
Cap Rate: 8.6%
Purchase Method: Cash, New Loan
Status: Active
Property ID: 932486
Posted on: May 28, 2018
Updated on: Sep 01, 2018
Price: $1,400,000

Property Description

This is among the larger parks in the area. Seldom is a park this size offered for sale in Maine. This is an attractive community in a great setting partly wooded and partly open with sunset views. The lots are exceptionally large. Many are .25 acre. The setting is attractive for retirement and vacation homes. City water and sewer paid by tenants.

The infrastructure is good. The present owner has owned the park for ten years during which many improvements were made. Curb stops and water meters were installed on all lots that lacked them. Extensive drainage improvements were made. Pedestals are 100 amp service. Utility poles have been replaced. Sewer lines are plastic, not clay. Main water lines are plastic. A Phase 1 environmental and survey were done.

This park is in the sweet spot where it can easily be converted from an 8 cap to a 10 to 12 cap. Rents have not been increased in years. Occupancy is good yet there is still opportunity to improve the bottom line by filling a few vacant lots. Increase rents, fill 4 or 5 lots and the park could be worth over $2m. The park is operated by an absentee owner who wishes to retire.

Location Description

Skyview Ridge is located in the heart of coastal Maine where high home prices and rents create strong demand for mobile homes. The park draws on a large population within a 30 minute commute and attracts tenants from Rockland, Camden and other higher rent towns. Employers include Maine State Prison, Penn Bay Medical Center, Bath Iron Works ship builders, Wal-Mart, the lobster industry and tourism. Demographic studies understate the population as they do not include the multifold increase in seasonal residents. Wages are higher and unemployment lower than the rest of the state. The community is located an hour past Portland, on the edge of town just off Route 1, the main road for coastal Maine.

Park Information

Number of MH Lots:44
Total Occupancy:82.0%
Year Built:1971
Average MH Lot Rent: $275
Size:11.6 acre(s)

Financial Information (Pro Forma)

Gross Income$161,000
Operating Expense$41,000
Net Operating Income$120,000
Expense Ratio 25.5%
Debt Info

Utility Information

Water Paid By: Tenant - Individual Service

Park-Owned Homes

Number of Park-owned Homes:5
Average Rent for Park-owned Homes: $710