Contact Information

Mobile Home Park Details

  • Price: $3,715,000
  • Listing ID: 6680529
  • Posted On: Jul 30, 2024
  • Updated On: Oct 18, 2024

Description

Freehold Real Estate Agency is pleased to present the opportunity to acquire a 73-unit manufactured housing portfolio in MA's Hampden County. Stabilized and operated for sixteen years by a full-time, regional, manufactured-home management firm, the two properties that compose the portfolio present a rare opportunity to invest in a highly-attractive asset class that has been gaining national attention from REITS and other institutional investors over the past decade. The close proximity between the two properties make maintenance simple and limit labor costs, while favorable tax treatment allows an investor to take advantage of non-cash expenses to offset income. Absent of the deferred maintenance and high proportion of rented units with which many leased-land communities are brought to market, a buyer will enjoy the steady cash-flow generated by leasing just the land on which owner-occupied homes sit, avoiding many of the headaches that come with apartment ownership.

Amenities

  • Laundromat
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Park Information

Number of MH Lots: 73
Total Occupancy: 97.0 %
Average MH Lot Rent: $427
Size: 5 acre(s)

Financial Information (Pro Forma)

Gross Income: $366,964
Operating Expense: $129,091
Net Operating Income: $237,872
Expense Ratio: 35.2 %

Lot Information

Singlewide Lots: 69
Doublewide Lots: 4

Utility Information

Water: City
Water Paid By: Tenant - RUBs
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $1,200

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