The Esterson MHC Team is pleased to present Fairview MHP, a 41 lot, manufactured home community in Leesport, PA. This stable asset also has easily achievable upside opportunities. Fairview MHP is less than 75 miles from Philadelphia and offers a centralized state-wide location due to its proximity to multiple interstate highways and state roads. The community is a 1-hour commute to Philadelphia and Harrisburg, the state capital. The asset is inclusive of the Schuylkill Valley School District, which ranks among the top three performing districts in Berks County. The park is located in a convenient location near amenities and employment centers.
Fairview MHP has 41 active MH lots. The park consists of 37 tenant owned homes that currently pay a lot rent of $529 per month. There are also 4 vacant lots. The parks lot rent and home rents are below market compared to the current market rent set at $575-$625 according to our rent survey and based on limited affordable housing supply and growing demand in this market.
Fairview MHP is a clean, stabilized asset with upside through raising rents, infilling vacant lots and billing back for the utilities. The park is serviced by a public water and private sewer which are included in the tenants rent and paid for by the park and which is already sub metered but not billed back. Tenants are responsible for the disposal of their trash, at their expense. The privately maintained roads are in average to below average condition and may need improvement. There is currently an onsite manager that helps run the park. Fairview MHP is not affected by a flood zone and is not in an opportunity zone.
The private sewer system is not compliant and must be transitioned to public sewer. This has been factored into the pricing. A fully budgeted estimate including connection tap fees and construction costs is approximately $961,000.
We are asking investors to submit offers at or above $1,250,000.
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