Mobile Home Park Details
- Cap Rate: 5.6%
- Listing ID: 1520286
- Posted On: Sep 23, 2021
- Updated On: Jan 4, 2022
Description
https://estersonmhcteam.com/property/maplehurst-mhc-horseheads-ny
The Esterson MHC Team is pleased to present Maplehurst MHC, a 50-lot, 55+ retirement manufactured home community that’s 100% occupied and located in Horseheads, NY. Just 8 miles from the Chemung Regional Airport and 14 miles from Corning, NY, “The Crystal City”, Horseheads provides the ideal, small hometown feel, with all the conveniences of a big city.
The community is comprised of 50 MH lots, all of which are tenant owned, and 94% of its tenants sign annual lease agreements. Current homesite rents at Maplehurst average $448, which is right in-line with the market. Maplehurst MHC also has weekly curbside trash pickup and is on private well & septic, all of which are paid for by the current owner.
At $3,300,000, we are offering investors the opportunity to purchase a fully stabilized, cash-flowing investment property, with a 9.8% cash-on-cash return Year 1. Given the quality of the asset and occupancy rate, Maplehurst should qualify for nonrecourse financing at a 3.8% interest rate, 70% LTV and 30-year amortization, with 2-3 years of interest-only payments.
Amenities
- Pool
Park Information
Community Type: | 55 And Over |
Number of MH Lots: | 50 |
Total Occupancy: | 100.0 % |
Average MH Lot Rent: | $448 |
Size: | 14 acre(s) |
Financial Information (Actual)
Gross Income: | $283,519 |
Net Operating Income: | $184,642 |
Utility Information
Water: | Well |
Sewer: | Septic |