Cash-Flowing Stable Community

The Esterson MHC Team is pleased to present Wayside MHP in Buffalo, NY. This stabilized 64-lot manufactured home community, with achievable upside opportunities. The community sits just 5 miles from the center of downtown Buffalo with access to all that the city has to offer and it’s just 15 minutes from Buffalo Niagara International Airport.

Wayside has 64 active MH lots plus 1 storage garage unit. The park consists of 51 tenant owned homes that currently pay an average lot rent of $466 per month, 12 new 2023 park owned homes, 11 are rented and pay an average total rent of ~$1,000 per month plus utility bill-backs for water, sewer and trash on new tenants only, 2 vacant park owned homes (including 1 new POH) and 1 occupied storage garage unit.

The lot rent and home rents are below market compared to the current average market lot rent set at $523 according to the JLT 2023 rent survey. The overall market can support substantially higher lot rents based on limited affordable housing supply and growing demand in this market.

The park is serviced by public water and sewer, which is included in rent for all legacy tenants but billed back to all new and future tenants. Trash is curbside pick-up and included in rent for all legacy tenants as well. New tenants will be on a bill-back. All systems are in good working order. The privately maintained roads are in average to below average condition and may need improvement in time. There is currently an on-site manager that helps run the park.

Wayside MHP is being offered at $2,950,000 as a stabilized investment with an entry cap rate of 8.6%. The park should qualify for recourse financing.