Mobile Home Park

High Meadows MHC

4845 Kendor Dr, New Kensington, PA 15068

Listing Price: $1,540,000

Cap Rate
7.00%
Number of Spaces
72
Lot Size
26.57 acres
Occupancy
75.0%
Price/Space
$21,389
Spaces/Acre
2.71
Year Built
1990

Investment Overview

The pricing represents a 6.49% cap rate using lot rent income on actuals, using a 51.1% expense ratio. We are asking investors to submit offers at or above $1,650,000. This community should qualify for conventional recourse bank financing from a local bank. By increasing rent $32 and increasing occupancy by 6.9%, an investors cash on cash return increases to 19.19%. Our underwriting suggests that once the park is 100% occupied and at $350 lot rents, an investor can exit at a 7% cap rate for $3,281,000.

Investment Highlights

  • Significant upside in rent and infill
  • Public Water – Billed back to tenants
  • First time park has been for sale

Broker of Record

  • Sean Beuche

    Regional Manager

    License(s): PA: RM424190

    Pennsylvania

Listing Price: $1,540,000

Cap Rate
7.00%
Number of Spaces
72
Lot Size
26.57 acres
Occupancy
75.0%
Price/Space
$21,389
Spaces/Acre
2.71
Year Built
1990

Investment Highlights

  • Significant upside in rent and infill
  • Public Water – Billed back to tenants
  • First time park has been for sale

Investment Overview

The pricing represents a 6.49% cap rate using lot rent income on actuals, using a 51.1% expense ratio. We are asking investors to submit offers at or above $1,650,000. This community should qualify for conventional recourse bank financing from a local bank. By increasing rent $32 and increasing occupancy by 6.9%, an investors cash on cash return increases to 19.19%. Our underwriting suggests that once the park is 100% occupied and at $350 lot rents, an investor can exit at a 7% cap rate for $3,281,000.

Broker of Record

  • Sean Beuche

    Regional Manager

    License(s): PA: RM424190

    Pennsylvania

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