· Stabilized, High-Occupancy Asset with Upside Potential: Spruce Ridge MHC boasts 91% physical occupancy and 100% occupancy excluding vacant sites, with 31 tenant-owned homes providing long-term stability. Opportunities include infilling four vacant sites, increasing rents to market rates, and densifying beyond current permitted sites.
· Attractive Location and Strong Market Demand: Located in an opportunity zone near major employers like Colby College and Elanco, the property benefits from a severe regional housing shortage, with neighboring Waterville requiring 1,000 new units and a statewide deficit projected at 38,500-45,800 units through 2030.
· Operational Efficiency and Value-Add Opportunities: Utility expense recapture of ~74.6% can be improved through direct billing to residents, boosting NOI. Recent $86k capital improvements, including road paving and home renovations, enhance operational efficiency and tenant appeal.
· Growth Potential in a High-Traffic, Expanding Area: Positioned on well-trafficked roads (6,355-10,433 daily vehicles) with a 4.2% expected population growth by 2029 within a 1-mile radius, the property offers long-term value for investors in a growing market.