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Mobile Home Park

Maplehurst MHC

34 Breesport Rd, Horseheads, NY 14845

Listing Price: $3,300,000

Cap Rate
5.60%
Number of Spaces
50
Lot Size
14.00 acres
Occupancy
100.0%
Price/Space
$66,000
Spaces/Acre
3.57
Year Built
1980

Investment Overview

Maplehurst MHC, a 50-lot, 55+ retirement manufactured home community that’s 100% occupied and located in Horseheads, NY. Just 8 miles from the Chemung Regional Airport and 14 miles from Corning, NY, “The Crystal City”, Horseheads provides the ideal, small hometown feel, with all the conveniences of a big city. The community is comprised of 50 MH lots, all of which are tenant owned, and 94% of its tenants sign annual lease agreements. Current homesite rents at Maplehurst average $448, which is right in-line with the market. Maplehurst MHC also has weekly curbside trash pickup and is on private well & septic, all of which are paid for by the current owner. At $3,300,000, we are offering investors the opportunity to purchase a fully stabilized, cash-flowing investment property, with a 9.8% cash-on-cash return Year 1. Given the quality of the asset and occupancy rate, Maplehurst should qualify for nonrecourse financing at a 3.8% interest rate, 70% LTV and 30-year amortization, with 2-3 years of interest-only payments.

Investment Highlights

  • Fully Stabilized Turnkey Asset
  • Established 55+ Community
  • 94% of Tenants Signed 1-Year Lease Agreements

Exclusively Listed By

Listing Price: $3,300,000

Cap Rate
5.60%
Number of Spaces
50
Lot Size
14.00 acres
Occupancy
100.0%
Price/Space
$66,000
Spaces/Acre
3.57
Year Built
1980

Investment Highlights

  • Fully Stabilized Turnkey Asset
  • Established 55+ Community
  • 94% of Tenants Signed 1-Year Lease Agreements

Investment Overview

Maplehurst MHC, a 50-lot, 55+ retirement manufactured home community that’s 100% occupied and located in Horseheads, NY. Just 8 miles from the Chemung Regional Airport and 14 miles from Corning, NY, “The Crystal City”, Horseheads provides the ideal, small hometown feel, with all the conveniences of a big city. The community is comprised of 50 MH lots, all of which are tenant owned, and 94% of its tenants sign annual lease agreements. Current homesite rents at Maplehurst average $448, which is right in-line with the market. Maplehurst MHC also has weekly curbside trash pickup and is on private well & septic, all of which are paid for by the current owner. At $3,300,000, we are offering investors the opportunity to purchase a fully stabilized, cash-flowing investment property, with a 9.8% cash-on-cash return Year 1. Given the quality of the asset and occupancy rate, Maplehurst should qualify for nonrecourse financing at a 3.8% interest rate, 70% LTV and 30-year amortization, with 2-3 years of interest-only payments.

Exclusively Listed By

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