50 Pads Pine Valley, NY

REDUCED $100,000              Call for Offers by August 1, 2016

The Community is situated on approximately 6.5 acres of land,
containing 50 mobile home sites, office/garages and a 7 room house.
The sites contain 23 Tenant owned mobile homes, 24 park owned
rental homes, 2 vacant homes and 1 vacant site. The community is
serviced by septic systems, well water, electricity and natural gas.
Roads are paved with common area lighting and off street parking.
Management provides refuse service for tenants. Property is well
maintained with no deferred maintenance.

Mobile home site rent ranges from $245 to $290 per month. Rental
home rents range from $415 to $620 per month. Mobile home site
occupancy level improved to 94% in January 2016 and has been
stable since then. A rent increase occurred May 1, 2016.
2015 Gross Income was $183,000. The 2016 Gross Income is
expected to be approximately $214,000 reflecting improved
occupancy over 2015 and a rent increase that was effective May
2016. Net operating income is expected to be at a 57% to 43% net
income to expense ratio in 2016. Asking price is reflective of a 10%
cap rate level.

Property is being offered with the rental mobile homes, two vacant
mobile homes, house and other personal property.

PROPERTY DETAILS

Location Pine Valley NY
Number of Pads 50
Utilities septic & well
Acres 6.5
Net Operating Income $122,983
Asking Price $1,175,000
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