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