- Lots: 448
- Cap Rate: 5.00%
- Acreage: 543.65
- Investment Type: Stabilized With Upside
- Total Tenants: 371
- MSA/St: Ithaca & Saratoga NY MSA
- Utility: 4 Private & 1 Public
- POH: 8
Executive Summary
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
Park Overview
- Cap Rate: 5.00%
- Lots: 448
- MHP Lots: 438
- Tenants: 371
- Occupancy Rate: 82.4%
- Current Average Lot Rent: $483
- Gross Income (All Income Sources): $2,049,925
- Lot Rent Income: $1,901,115
- Gross POH Income: $40,570
- Utility Income: $47,951
- Water Info: 4 Private & 1 Public
- Sewer Info: 4 Private & 1 Public
- Flood Zone Info: Not in flood zone
The information contained within this website is proprietary and strictly confidential. It is intended to be reviewed only by the approved party receiving it and should not be made available to any other person or entity without the written consent of the broker involved. This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. We have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained within has been obtained from sources we believe to be reliable; however, we have not verified, and will not verify, any of the information contained herein, nor have we conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
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