The Watertown NY MHC Portfolio consists of 3 mobile home parks all located in the Watertown, NY metropolitan area. The offering includes 3 mobile home communities with 307 mobile home pads and one small garage for a total of 308 rental units. Additionally, there are 2 off-site accompanying parcels that are for the rental and sales office . The current occupancy of the portfolio is at 87.6% and there is upside available through the lease up/sale of 16 currently vacant park owned homes and the infill of 22 vacant lots. The average lot rent across the portfolio is $442.
Northland MHC is the largest community in the portfolio at 218 units. Northland’s water & sewer is provided by on-site private wells and a water treatment plant along with private septic (1 home per septic system). The two smaller communities, Woodlane Village (50 Units) and Jefferson Court (39 Units) are both on public water and septic (1 home per septic system). Water expenses are billed back to residents in both Woodlane Village and Jefferson Court.
The portfolio is priced competitively at $12,750,000. The pricing represents a cap rate of 7.45% on normalized actuals using a 37.6% expense ratio. The portfolio meets the qualifications for both CMBS and Fannie Mae financing with interest rates ranging from 4-4.5% on a 30 year amortization. At a 25% LTV, the project at asking price is capable of achieving a 10.8+% cash on cash return.
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