A 56 Unit Value-Add Manufactured Housing Community

The Esterson MHC Team presents an opportunity to invest in Glen Lake MHP, a value-add community located in Mercer County, Pennsylvania. With 56 lots, this manufactured housing community offers multiple upside opportunities, including occupancy and revenue upside through rent growth and infill.

Grove City is a borough in southeastern Mercer County, Pennsylvania, United States, located approximately 60 miles north of Pittsburgh. Situated between Pittsburgh and Erie, residents enjoy a peaceful rural atmosphere while being in close proximity to two major metropolitan areas. Pennsylvania’s population of over 13 million residents makes it the 5th most populated state in the US, and the Youngstown-Warren-Boardman MSA, where Glen Lake MHP is located, has a population of 542,549.

Glen Lake MHP is strategically built to provide its tenants with a best-in-class lifestyle community near major population centers. Glen Lake has 56 active lots: 38 tenant owned homes (TOH) and 18 vacant lots. All of the 18 vacant lots are home ready. The average lot rental rate per month is $390. With the Pittsburg MSA market average lot rental rate of $516 per month, this park can support substantially higher lot rents and home rents based on the limited affordable housing supply and growing demand in this market.

Glen Lake MHP is serviced by private water (well) and sewer (WWTP) that is billed back to tenants at municipal rates. Trash is serviced curbside and is paid by the tenants. Electricity is billed directly to tenants. All utility systems are in good working order. The roads are unpaved and in average condition. A small part of the 29.58 acre parcel borders a flood zone. The park is not in an opportunity zone.

The park is priced at $2,500,000. This is a value-add opportunity on a cash flowing asset upon entry. Seller financing is available to qualified investors. Proposed terms: 70% LTV, 3 Year Term, Market Interest Rate. Conventional recourse and bridge lending should also be available for this community.