Available for assignment…but must ACT FAST! Closing September 30th!!
More than DOUBLE YOUR MONEY on this safe, quiet, rural 25-space park in the Binghamton, NY metro area!!
Invest $300k up front (i.e., down payment, assignment fee, closing costs, and capital expenses). Sell for $700,000 PROFIT in 3-5 years.
PURCHASE PRICE: $500,000 (includes Assignment Fee)
ALL YOU HAVE TO DO IS:
- Convert 14 POH’s to TOH’s (at $100/mo. less rent than they pay now);
- Bring in and fill just 6 homes;
- Raise rents only 3% per year;
- Do minor fixes to increase tenant satisfaction and marketability.
THEN YOU CAN:
- Sell at an 8 CAP for $1,200,000
YOUR PROFIT = $700,000!!
**RUNNING THE NUMBERS:** Current Income/Expenses/NOI: * 5 TOH's @ $260 = $1300/mo. * 13 POH's @ $ 567 = 7375/mo. * Total Monthly Income = $8675 * TOTAL Annual Income = $104,100 * Expenses = $30,000 * NOI = $74,100 Projected Income/Expenses/NOI: * 5 TOH's @ $290/mo. = $1450/mo. * 20 TOH's @ $500/mo. = $10,000/mo. * Total Monthly Income = $11,450 * Total Annual Income = $137,400 * Expense Ratio = 30% * NOI = $96,180 * $96,180 NOI at 8-CAP = $1,202,250 This park will produce good monthly cash flow and can be turned into a decent-looking, well-run park with little expense. I live only 2 hrs. from the park. If it will help you...I am willing to be Asset Manager, navigating New York rules, helping with due diligence, overseeing and training the park manager, etc. You can hold this park for long-term cash flow, OR sell in 3-5 years for **$700,000+ PROFIT!!** (Not bad for only a $300k up front investment!!) PARK DETAILS: * Sites: 25 * Occupied: 18 (5 are tenant-owned; 13 are park-owned) * Vacant: 1 POH and 6 lots * Water: Well; in good shape; backup generator; new pump; new storage tank; PVC; all lines above grade of sewer. * Sewer: Septic; leach field, 9 septic tanks and 2 dry wells; PVC; all lines below grade of water. * Electricity: most are 100 amp, a few 60 amp; individually metered; tenant pays; some underground. * Gas: propane; tenant pays. * Roads: gravel. * Age of homes: older METRO: * Located in Harpursville, NY, part of the Binghamton, NY metro area * Size: 245,000 * Median Home: $118,000 * 3 BR Apt.: $1086/mo. * 2 BR Apt.: $830/mo. * Vacancy: 12.7% * Economic Drivers: College town (SUNY-Binghamton); county seat of Broome Co.; healthcare and education are significant sectors in the regional economy. SELLER FINANCING: Down Payment = $220,000 (includes Assignment Fee) Mom and Pop sellers are financing $280,000 at 5%, amortized for 15 years with a 5-year balloon ($2,214/mo.). Included is an option to extend the term to 7 years if Buyer purchases up to four 6-month extensions at $3,000 each. CLOSING: no later than September 30, 2021. ``` ``` ``` For more info CONTACT: GORDON GRAHAM LANDMARK ASSETS, LLC 617-312-9833 (C) email@example.com ```