Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 8.0%
- Listing ID: 407754
- Posted On: Oct 8, 2013
- Updated On: Apr 8, 2014
Description
Jonathon McClellan and Kyle Baskin of Marcus and Millichap are pleased to present a two MHC Portfolio consisting of 219 sites located in Massachusetts. Easton Manufactured Home Community, comprising of 122 sites of which 109 are occupied, is situated just 25 minutes from downtown Boston. Easton is a family park which sits on 32 acres where town water, garbage removal and an on-site sewage system is a part of the rent.
Pine Valley is a quiet and quaint all-aged community consists of 97 sites and is currently 96 percent occupied. The community is located in Chesire and nestled in the foothills of the Berkshires. Pine Valley is on private well water and a septic system, both included in the rent, which has recently received a $500,000 plus overhaul in 2013.
The Portfolio is being offered free and clear for $7,700,000 and an 8.01 percent capitalization rate.
RENT CONTROL: PINE VALLEY is under the Massachusetts General Laws Chapter 392 Acts of 1987 (https://malegislature.gov/Laws/SessionLaws/Acts/1987/Chapter392) Please request the Rent Adjustment Procedures from listing agent. EASTON recently had rent control approved and the sellers attorney will be providing further information.
Park Information
Community Type: | All Age |
Number of MH Lots: | 219 |
Total Occupancy: | 91.0 % |
Size: | 74 acre(s) |
Financial Information
Gross Income: | $955,693 |
Operating Expense: | $339,128 |
Net Operating Income: | $616,565 |
Expense Ratio: | 35.5 % |