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Mobile Home Park

Wayside MHP

3447 South Park Ave, Buffalo, NY 14219

Listing Price: Request For Offer

Number of Spaces
64
Lot Size
3.70 acres
Occupancy
96.9%
Spaces/Acre
17.30
Year Built
1980

Investment Overview

We are pleased to present Wayside MHP in Buffalo, NY. This stabilized 64-lot manufactured home community, with achievable upside opportunities. The community sits just 5 miles from the center of downtown Buffalo with access to all that the city has to offer and it's just 15 minutes from Buffalo Niagara International Airport. Wayside has 64 active MH lots plus 1 storage garage unit. The park consists of 50 tenant owned homes that currently pay an average lot rent of $446 per month, 12 rented new 2023 park owed homes that pay an average rent of $546 per month plus utility billbacks for water, sewer and trash on new tenants only, 2 vacant park owned homes and 1 storage garage unit. The lot rent and home rents are below market compared to the current average market lot rent set at $523 according to the JLT 2023 rent survey. The overall market can support substantially higher lot rents based on limited affordable housing supply and growing demand in this market. The park is serviced by public water and sewer, which is included in rent for all legacy tenants but billed back to all new and future tenants. Trash is curbside pick-up and included in rent for all legacy tenants as well. New tenants will be on a billback. All systems are in good working order. The privately maintained roads are in average to below average condition and may need improvement in time. There is currently an onsite manager that helps run the park. Wayside MHP is being offered at $3,300,000 as a stabilized investment with an entry cap rate of 7.5%. The park should qualify for recourse financing.

Investment Highlights

  • The Esterson MHC Team is pleased to present Wayside MHP, a 65 Lot, manufactured home community in Buffalo, NY. This stable asset also has easily achievable upside.
  • The parks lot rent and home rents are below market compared to the current market rent set at $450-$500 according to the JLT rent survey.
  • The park should qualify for agency financing should an investor look to go that route with it.

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Broker of Record

  • John Horowitz

    Broker of Record

    (718) 475-4300

    License(s) NY: 10311204479

    New York

Mobile Home Park

Wayside MHP

Listing Price: Request For Offer

Number of Spaces
64
Lot Size
3.70 acres
Occupancy
96.9%
Spaces/Acre
17.30
Year Built
1980

Investment Highlights

  • The Esterson MHC Team is pleased to present Wayside MHP, a 65 Lot, manufactured home community in Buffalo, NY. This stable asset also has easily achievable upside.
  • The parks lot rent and home rents are below market compared to the current market rent set at $450-$500 according to the JLT rent survey.
  • The park should qualify for agency financing should an investor look to go that route with it.

Investment Overview

We are pleased to present Wayside MHP in Buffalo, NY. This stabilized 64-lot manufactured home community, with achievable upside opportunities. The community sits just 5 miles from the center of downtown Buffalo with access to all that the city has to offer and it's just 15 minutes from Buffalo Niagara International Airport. Wayside has 64 active MH lots plus 1 storage garage unit. The park consists of 50 tenant owned homes that currently pay an average lot rent of $446 per month, 12 rented new 2023 park owed homes that pay an average rent of $546 per month plus utility billbacks for water, sewer and trash on new tenants only, 2 vacant park owned homes and 1 storage garage unit. The lot rent and home rents are below market compared to the current average market lot rent set at $523 according to the JLT 2023 rent survey. The overall market can support substantially higher lot rents based on limited affordable housing supply and growing demand in this market. The park is serviced by public water and sewer, which is included in rent for all legacy tenants but billed back to all new and future tenants. Trash is curbside pick-up and included in rent for all legacy tenants as well. New tenants will be on a billback. All systems are in good working order. The privately maintained roads are in average to below average condition and may need improvement in time. There is currently an onsite manager that helps run the park. Wayside MHP is being offered at $3,300,000 as a stabilized investment with an entry cap rate of 7.5%. The park should qualify for recourse financing.

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Broker of Record

  • John Horowitz

    Broker of Record

    (718) 475-4300

    License(s): NY: 10311204479

    New York

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