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Mobile Home Park

5 Park Portfolio, Saratoga & Ithaca NY MSA's

5214 US-11, Homer, NY 13077

Listing Price: $25,000,000

Cap Rate
4.10%
Number of Spaces
448
Lot Size
634.73 acres
Occupancy
82.4%
Price/Space
$55,804
Spaces/Acre
0.71
Year Built
1990

Investment Overview

Well located, 448 lots, five park manufactured home community portfolio with upside in occupancy, lot rent and a 42-lot expansion area. The portfolio is a stabilized opportunity with upside consisting of 5 land-lease communities in strong NY MSA markets. The portfolio has 438 active MH lots with 353 lot rent only tenants each paying an average lot rental rate of $483 per month. There are 8 park owned home tenants and 0 vacant park owned. There are 77 vacant active lots. There is also a 10- unit apartment building that is mostly occupied that is included in the deal. Current occupancy is roughly 82% on active lots. All parks are year-round, all-ages communities and has city water & sewer at 1 park and private water & sewer at 4 parks. Woodcrest Acres & Forest Hills provide water & sewer services to its tenants and is included in the rent. Forest Hills utilizes a wastewater treatment plant that has no known deferred maintenance. Pine Hill, Country Acres & Valley View bill back the water & sewer to the tenant. The tenant owned units are a mix of newer & older vintage but all in above average condition. Roads are paved and in mostly average condition as our offering price suggests. No parks are in flood zones. We are asking that investors submit offers at or above $25,000,000. Given the quality of the asset and expansion potential, this 5 park portfolio should qualify for non-recourse financing.

Investment Highlights

  • Levered 7 Year IRR Target: 20.0%
  • Year 7 Target Cash On Cash: 16.4%
  • Year 7 Target Equity Multiple: 2.7

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    (212) 430-5100

    License(s) NY: 10311205789

    New York

Mobile Home Park

5 Park Portfolio, Saratoga & Ithaca NY MSA's

Listing Price: $25,000,000

Cap Rate
4.10%
Number of Spaces
448
Lot Size
634.73 acres
Occupancy
82.4%
Price/Space
$55,804
Spaces/Acre
0.71
Year Built
1990

Investment Highlights

  • Levered 7 Year IRR Target: 20.0%
  • Year 7 Target Cash On Cash: 16.4%
  • Year 7 Target Equity Multiple: 2.7

Investment Overview

Well located, 448 lots, five park manufactured home community portfolio with upside in occupancy, lot rent and a 42-lot expansion area. The portfolio is a stabilized opportunity with upside consisting of 5 land-lease communities in strong NY MSA markets. The portfolio has 438 active MH lots with 353 lot rent only tenants each paying an average lot rental rate of $483 per month. There are 8 park owned home tenants and 0 vacant park owned. There are 77 vacant active lots. There is also a 10- unit apartment building that is mostly occupied that is included in the deal. Current occupancy is roughly 82% on active lots. All parks are year-round, all-ages communities and has city water & sewer at 1 park and private water & sewer at 4 parks. Woodcrest Acres & Forest Hills provide water & sewer services to its tenants and is included in the rent. Forest Hills utilizes a wastewater treatment plant that has no known deferred maintenance. Pine Hill, Country Acres & Valley View bill back the water & sewer to the tenant. The tenant owned units are a mix of newer & older vintage but all in above average condition. Roads are paved and in mostly average condition as our offering price suggests. No parks are in flood zones. We are asking that investors submit offers at or above $25,000,000. Given the quality of the asset and expansion potential, this 5 park portfolio should qualify for non-recourse financing.

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    (212) 430-5100

    License(s): NY: 10311205789

    New York

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