Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Mobile Home Park Details
- Purchase Method: Cash, New Loan, Assumable Loan
- Cap Rate: 8.0%
- Listing ID: 804348
- Posted On: Apr 18, 2017
- Updated On: Jul 21, 2020
Description
NEW LISTING!!! The 103 site Hillcrest Manor MHP is a Western PA family park with $260 rent $100 below market site rents. Closest comparable parks are $359-375. 89% occupied, 8% cap with upside, $26,600/site. 75% of tenants are 55+, no amenity park, Owner pays city water/sewer/trash, but uses a well for water and city water as back-up. 18 rentals, 100% occupied, avg rent of $505, mostly 1980's-1990's vintage. $2,900,000
Location
Hillcrest Manor MHP is located in Western PA, one hour E/SE of Pittsburgh. Located in Friedens (1,600 pop.) 2 miles east of the borough of Somerset (pop. 6,500), which is the county seat of Somerest County, pop. 80,000.
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 103 |
| Total Occupancy: | 89.0 % |
| Year Built: | 1980 |
| Average MH Lot Rent: | $260 |
| Size: | 15 acre(s) |
Financial Information (Actual)
| Gross Income: | $367 |
| Operating Expense: | $135 |
| Net Operating Income: | $231 |
| Expense Ratio: | 36.8 % |
| Debt Info: | $1,300,000, 5.25%, 4 yrs remain, Farmers Bank, Youngstown OH |
Lot Information
| Singlewide Lots: | 62 |
| Doublewide Lots: | 41 |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 18 |
| Average Rent for Park-owned Homes: | $505 |
