$25,000,000.00
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5 Park Portfolio, Ithaca & Saratoga NY

Total Price $25,000,000

  • 185 Paisley Rd, Ballston Spa, NY 12020
  • 377 Angel Rd, Corinth, NY 12822
  • 750 Fall Creek Road, McLean, NY
  • 5214 Route 11, Homer, NY
  • 220 Cayuga St. Groton, NY

Stable with Upside Portfolio

Well located, 448 active 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 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 fully 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 at 4 parks are paved with 1 park having gravel roads and all roads 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.

  • Water:  4 Private & 1 Public | 3 Tenants Pay & 2 Park Pays
  • Sewer: 4 Private & 1 Public | 3 Tenants Pay & 2 Park Pays
  • Trash: 4 Park Pays & 1 Tenants Pay – Direct Billed
  • Electric: Public | Tenants Pay | Direct Billed
  • Gas: Public | Tenants Pay | Direct Billed
  • Mowing: Various Contractor and Manager
  • Snow & Ice: Various Contractor and Manager
  • Roads: 4 Paved & 1 Gravel | Owner Maintains
  • Risk Factors: No Flood Plain

Investment Highlights

  • 5 Parks With 448 Lots In NY
  • Year 7 Levered IRR Target: 20.0%
  • Year 7 Target Cash On Cash: 16.4%
  • Year 7 Target Equity Multiple: 2.73
  • Stable With Upside
  • Expansion Potential
  • Strong Collections

Known Issues

  • Estimated Overall CapEx Needs: $150,000
  • NY Rent Controls
  • Tertiary Markets
  • Waste Water Treatment Plant

Details

Price : $25,000,000.00
Cap Rate : 5.00%
Lots : 448
Investment Type : Stabilized With Upside
Property Type : MHP
Status : Sold
Area : New York>Saratoga
Address : 185 Paisley Rd, Ballston Spa, NY 12020
MSA/ST : Ithaca & Saratoga NY MSA
Tenants : 371
Utility : 4 Private & 1 Public
POH : 8
Acreage : 543.65
Occupancy Rate : 82.40%
Current Average Lot Rent : $483
Gross Income (All Income Sources) : $40,570
Lot Rent Income : $1,901,115
Gross POH Income : $40,570
Water Info : 4 Private & 1 Public
Sewer Info : 4 Private & 1 Public
Flood Zone Info : Not in flood zone
Utility Income : $47,951
Property ID : 5858

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Glenn Esterson

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