Well located value-add mobile home community, that is within a half mile of Walmart. Fredonia, NY is located just 45 miles from downtown Buffalo NY. It is in Chautauqua County, which has a population of 130,846 people and a city median home price of $118,000.
Lake Erie MHC has a total of 159 MH lots and 4 additional units within a single family home, including an office for the park. There is a total of 113 tenants with 68 lot rent only tenants paying an average of $405.00, 38 rented POHs paying an avg of $246.00, 5 rent to own homes, and 3 vacant POH. There is also a single-family home with 4 units, one of which is used as an office, 2 are rented, 1 is vacant and used for storage. Current occupancy is at 69.33%. The POHs are in above average condition with 20+ homes being 2014-2018 vintage. The overall average POH age is 2003.
Park is connected to public water, however the owner uses a regulated well and the tenants are billed back. The park is on a private waste water treatment plant that is in good standing and is professionally maintained and operated. The park is not in a flood zone.
This deal is being offered as a value-add investment opportunity with a 7.53% normalized cap rate on current lot rent. The gross revenue is $$724,148 . At full price, using the owner’s assumable loan terms of 5% interest, 25 YR AM, 58% down payment the total return is 10% on normalized numbers. A conservative year 3 pro-forma value of $6,010,000, roughly a 28% increase. We are asking our investors to submit offers at or above $4,640,000.
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