The Esterson MHC Team is pleased to present Bayshore Mobile Home Park, a stable community with achievable upside in occupancy and rent, located about 40 minutes from Philadelphia, PA and an hour west of Atlantic City, NJ.

Bayshore MHP consists of 27 MH lots with 26 tenant owned homes (TOH) and 1 vacant lot. The Park consists of 0 parked owned homes and 0 rent to own contracts. The average lot rent in the park is $545 and the market rent is around $630. There is no rent control in this locality giving you complete control over the amount and frequency of rent increases. The Park is NOT in an opportunity zone or flood zone.

Bayshore MHP is serviced by a private well and septic system that is billed back to the tenants. Well house, septic tanks and leach fields were all replaced in 2010-2011. Electricity is public and billed directly to the tenants. Trash is serviced by curbside pickup and is included in the rent. The roads are paved and in average condition.

Cumberland county, New Jersey is known for its small town feel and its lower cost of living compared to the rest of New Jersey. It is centrally located between Philadelphia, PA and Wilmington, DE providing ample employment opportunities for the residents of the county.

The pricing represents a 4.84% cap rate using the lot rent and utility revenue as well as a 56.6% expense ratio. Upon reaching stabilization you will take the asset from a 4.84% cap rate to a 7.45% cap rate and realize a 11.78% cash on cash return. At exit and assuming a 6% cap rate our proforma value is around $2M. We are asking investors to submit offers at or above $1,600,000. This Park qualifies for nonrecourse CMBS debt at 75% LTV, 3.5% interest rate, and a 25-year amortization. A soft debt quote is available upon request.

Investment Highlights

• Below market rents
• No rent control
• Fully stabilized, consistent 11% + cash on cash return
• Potential accelerated depreciation