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Mobile Home Park Details

  • Price: Call for Price
  • Listing ID: 6863654
  • Posted On: Apr 7, 2025
  • Updated On: Apr 7, 2025

Description

The four parks in the portfolio are Reliance in Rhodesdale, MD, Tower Court in Denton, MD, Warwick MHP in Princess Anne, MD--listed by Capital Realty Advisors, LLC, and Hilltop in Camden, DE, listed by Delaware-licensed broker JDS Real Estate Services. All four parks, plus the retail strip, laundromat, and 7-unit mixed-use (currently under construction) in Princess Anne, MD, are being sold as a portfolio only.

IMPORTANT--This is a confidential sale. Do not walk any of the parks or attempt to talk to tenants or staff.

Reliance in Rhodesdale, MD is one of a 4-park portfolio of manufactured housing communities on the Eastern Shore of Maryland and Delaware offering the value-add that investors seek, including lot expansion, and rent and occupancy upsides. One of the parks, Warwick in Princess Anne, MD, includes a small retail strip, an under-construction 7-unit mixed-use building and a laundromat business. Hilltop in Camden, DE, Inc., has immediate upside as two of the 5 lots waiting on new homes have already been permitted—in addition to its 10-lot expansion potential. Tower Court in Denton, MD is fully leased. A portfolio-wide price increase was implemented April 1, but in future years rent can be gradually increased for those tenants who are under-market. Portfolio averages include 92% occupancy, lot rent of $462, with 166 lots and 2 single-family homes, and 147 tenants.
The laundromat in Princess Anne, MD, is a tenant in the retail strip, and the business itself is owned by the seller and included in the sale, at a separate price. The foundation for the 7-unit mixed use building is in place and work is underway, however, seller is not expecting it to be completed before closing. Any costs incurred by seller up until closing will need to be reimbursed by buyer.
Owner’s approach over the years has been to acquire, improve and grow, whether it was paving roads that were gravel only, or pulling out old homes and installing new POH on vacant lots (estimated investment of $5+/- million). Now he’s in the midst of getting final approvals for a whole-park sewer system at Reliance that a new owner can implement. The good news is that 75% of design and construction costs will be paid for under the Bay Restoration Fund. If a new owner implements it, six of the 75 lots at Reliance can be brought back online.
For qualified investors, please sign and return both Maryland and Delaware confidentiality agreements.

Location

Maryland and Delaware

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