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Mobile Home Park

5 Park Portfolio - Pittsburg PA

141 Colonial Ln, Freedom, PA 15042

Listing Price: $10,000,000

Cap Rate
4.70%
Number of Spaces
300
Lot Size
146.55 acres
Occupancy
50.4%
Price/Space
$33,333
Spaces/Acre
2.05
Year Built
1980

Investment Overview

We are pleased to present the 5 Park Portfolio in Pittsburgh, PA MSA. The portfolio consists of 300 lots, with a tremendous amount of upside within this value-add opportunity. The communities are all located about 30 miles from the center of Downtown Pittsburgh. The communities have 289 mobile home lots, made up of 127 tenant owned homes, 13 rent to owns and 149 vacant lots. There is also 1 single family home, and 10 apartments for a total of 300 lots. The tenant owned homes currently pay an average lot rent of $363.32 per month, which is below the current market rent estimated at $500. The rent to own tenants pay an average rent of $834, including lot rent. The single family house is rented for $1,025 per month and finally the apartments are rented for an average of $670.50. The market lot rent is based on a rent comparable JLT survey. The overall market can support substantially higher lot rents based on limited affordable housing supply and the fact that this MSA is home to over 2.3M people. All parks are year-round, all-ages communities. Colonial and Skyview are both serviced by a private well and septic system (1:1 and 1:3) that are both billed back to the tenants. Chaucer and Green Hills are serviced by public water and sewer that is sub metered and billed back to the tenants. Luxor is serviced by public water but private septic and is billed back to the tenants. All 5 parks are currently billing the tenants back for trash. There are no opportunity zones within any of these parks and Luxor MHP is the only one effected by a flood zone. The Pittsburgh MSA has a tremendous base of headquarter operations for U.S. and foreign companies within a variety of industries. These include Alcoa, HJ Heinz, PNC Bank, PPG Industries, Mellon Bank, US Steel, Allegheny Technologies, Wesco, Bayer North America, GlaxoSmithKline, American Eagle Outfitters and General Nutrition Centers. This portfolio is being offered at $10M as a value-add investment, that requires filling vacant mobile home lots and raising rents over the next 3-5 years. Once that is achieved, we are showing a pro forma exit of over $19.5M on the real estate using a 7% cap rate

Investment Highlights

  • Below Market Rent & Occupancy
  • Value add opportunity
  • Strategically located around the Pittsburgh PA MSA

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Mobile Home Park

5 Park Portfolio - Pittsburg PA

Listing Price: $10,000,000

Cap Rate
4.70%
Number of Spaces
300
Lot Size
146.55 acres
Occupancy
50.4%
Price/Space
$33,333
Spaces/Acre
2.05
Year Built
1980

Investment Highlights

  • Below Market Rent & Occupancy
  • Value add opportunity
  • Strategically located around the Pittsburgh PA MSA

Investment Overview

We are pleased to present the 5 Park Portfolio in Pittsburgh, PA MSA. The portfolio consists of 300 lots, with a tremendous amount of upside within this value-add opportunity. The communities are all located about 30 miles from the center of Downtown Pittsburgh. The communities have 289 mobile home lots, made up of 127 tenant owned homes, 13 rent to owns and 149 vacant lots. There is also 1 single family home, and 10 apartments for a total of 300 lots. The tenant owned homes currently pay an average lot rent of $363.32 per month, which is below the current market rent estimated at $500. The rent to own tenants pay an average rent of $834, including lot rent. The single family house is rented for $1,025 per month and finally the apartments are rented for an average of $670.50. The market lot rent is based on a rent comparable JLT survey. The overall market can support substantially higher lot rents based on limited affordable housing supply and the fact that this MSA is home to over 2.3M people. All parks are year-round, all-ages communities. Colonial and Skyview are both serviced by a private well and septic system (1:1 and 1:3) that are both billed back to the tenants. Chaucer and Green Hills are serviced by public water and sewer that is sub metered and billed back to the tenants. Luxor is serviced by public water but private septic and is billed back to the tenants. All 5 parks are currently billing the tenants back for trash. There are no opportunity zones within any of these parks and Luxor MHP is the only one effected by a flood zone. The Pittsburgh MSA has a tremendous base of headquarter operations for U.S. and foreign companies within a variety of industries. These include Alcoa, HJ Heinz, PNC Bank, PPG Industries, Mellon Bank, US Steel, Allegheny Technologies, Wesco, Bayer North America, GlaxoSmithKline, American Eagle Outfitters and General Nutrition Centers. This portfolio is being offered at $10M as a value-add investment, that requires filling vacant mobile home lots and raising rents over the next 3-5 years. Once that is achieved, we are showing a pro forma exit of over $19.5M on the real estate using a 7% cap rate

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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