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Mobile Home Park

2 Park Portfolio - St Johnsbury & Washington VT

66 Avenue A, Saint Johnsbury, VT 05819

Listing Price: $4,600,000

Cap Rate
6.00%
Number of Spaces
111
Lot Size
65.10 acres
Occupancy
96.4%
Price/Space
$41,441
Spaces/Acre
1.71
Year Built
1985

Investment Overview

We are pleased to present this 2 Park Portfolio near the Montpelier VT MSA. The portfolio consists of 111 lots, with a significant amount of achievable upside within this stabilized opportunity. Being host to a regional hospital, educational institutions, big businesses, and many arts and cultural venues, the Montpelier Vt MSA is the regional hub of education, health care, business, world class outdoor recreation, tourism and retail. On top of this, both counties are taking proactive steps to attract businesses and encourage economic growth by investing in workforce development and readiness programs, educational opportunities, as well as stripping away bureaucratic hurdles that discourage development. The two communities have a total of 111 mobile home lots, 107 tenants, 82 tenant owned homes, 25 rented park owned homes, 2 vacant POH, and 2 vacant mobile home lots. The lot rent only tenants currently pay a combined average lot rental rate of $355 per month (MP: $338 & WN: $430), which is below current market rent. Current occupancy is 96%. The overall market can support substantially higher lot rents based on limited affordable housing supply. Both parks are year-round, all-ages communities. Mt. Pleasant is serviced by public water & septic, and dumpster trash. Washington North uses a well, septic and curbside trash. The landlord covers the water and sewer at both parks. Trash is included in the rent at Mt. Pleasant but is direct billed at Washington North. The tenants pays for electric and gas/propane at both parks. The park owned units are an average vintage of roughly 1985 and in average to above average shape. The roads are unpaved at both parks and in average condition. The parks are not in a flood zone. Mount Pleasant is in an opportunity zone. This park offers an investor the opportunity to be a key player in the market due to the extremely low inventory of housing in the area. Additionally, due to the fact that 27 of the homes are park owned, there is an opportunity to increase cash flow, gain longer term tenants and shed R&M costs by converting those park owned homes into sales. By selling off homes to lot rent tenants, repairs & maintenance costs could be reduced as well as the time needed to manage. The tenants benefit from becoming home owners and reducing their living costs over time as they pay off their homes. This portfolio is being offered as a stabilized investment with achievable upside, that requires the infill of 7 lots and responsibly raising rents until market rent is achieved. We are requesting CASH offers, but based on the quality, location, and metrics of the deal, the property should qualify for recourse loan products.

Investment Highlights

  • Below Market Rents
  • Achievable Upside
  • 96% Occupancy

Exclusively Listed By

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

Broker of Record

  • Jeffrey R Nick

    Broker Of Record

    (802) 876-6923

    License(s) 081.0000142

    Vermont

Mobile Home Park

2 Park Portfolio - St Johnsbury & Washington VT

Listing Price: $4,600,000

Cap Rate
6.00%
Number of Spaces
111
Lot Size
65.10 acres
Occupancy
96.4%
Price/Space
$41,441
Spaces/Acre
1.71
Year Built
1985

Investment Highlights

  • Below Market Rents
  • Achievable Upside
  • 96% Occupancy

Investment Overview

We are pleased to present this 2 Park Portfolio near the Montpelier VT MSA. The portfolio consists of 111 lots, with a significant amount of achievable upside within this stabilized opportunity. Being host to a regional hospital, educational institutions, big businesses, and many arts and cultural venues, the Montpelier Vt MSA is the regional hub of education, health care, business, world class outdoor recreation, tourism and retail. On top of this, both counties are taking proactive steps to attract businesses and encourage economic growth by investing in workforce development and readiness programs, educational opportunities, as well as stripping away bureaucratic hurdles that discourage development. The two communities have a total of 111 mobile home lots, 107 tenants, 82 tenant owned homes, 25 rented park owned homes, 2 vacant POH, and 2 vacant mobile home lots. The lot rent only tenants currently pay a combined average lot rental rate of $355 per month (MP: $338 & WN: $430), which is below current market rent. Current occupancy is 96%. The overall market can support substantially higher lot rents based on limited affordable housing supply. Both parks are year-round, all-ages communities. Mt. Pleasant is serviced by public water & septic, and dumpster trash. Washington North uses a well, septic and curbside trash. The landlord covers the water and sewer at both parks. Trash is included in the rent at Mt. Pleasant but is direct billed at Washington North. The tenants pays for electric and gas/propane at both parks. The park owned units are an average vintage of roughly 1985 and in average to above average shape. The roads are unpaved at both parks and in average condition. The parks are not in a flood zone. Mount Pleasant is in an opportunity zone. This park offers an investor the opportunity to be a key player in the market due to the extremely low inventory of housing in the area. Additionally, due to the fact that 27 of the homes are park owned, there is an opportunity to increase cash flow, gain longer term tenants and shed R&M costs by converting those park owned homes into sales. By selling off homes to lot rent tenants, repairs & maintenance costs could be reduced as well as the time needed to manage. The tenants benefit from becoming home owners and reducing their living costs over time as they pay off their homes. This portfolio is being offered as a stabilized investment with achievable upside, that requires the infill of 7 lots and responsibly raising rents until market rent is achieved. We are requesting CASH offers, but based on the quality, location, and metrics of the deal, the property should qualify for recourse loan products.

Exclusively Listed By

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

Broker of Record

  • Jeffrey R Nick

    Broker Of Record

    (802) 876-6923

    License(s): 081.0000142

    Vermont

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