Buy this park for $300k (11.5 CAP). Double its value in 3 years!

I have this 21-space park under contract and will assign it for a total of $300,000 (purchase price + assignment fee). There are 16 tenant-owned homes paying $300/mo. and 5 vacant lots ready for infill.

NOI = $34,560
CAP RATE= 11.5
ASKING PRICE = $300,000

When you fill 5 lots and raise the rent 6% per year for three years, you will have a park that is worth $669,000 at an 8-CAP:

21 homes X $354/mo. rent X 12 months X .6 (40% expense rate) = $53,524 NOI.
$53,524 at an 8-CAP is a value of $669,050.

This park is in the Finger Lakes Region of New York, with a little lake just across the street. It is a rural, 23+ acre property on well and septic. The homes are older and in average to below average condition. It has an all new electric system being installed now. The septic system has to pass the county’s inspection prior to closing, so it will be in good working order at sale. They have had no problems with the well. And it has gravel roads that are in good condition. So the infrastructure is solid.

I have done the due diligence and will gladly share all that info. The Town Supervisor and Code Enforcement officer are both very supportive of new buyers coming in to change the image of the park. And it’s going to be relatively easy to make this park look MUCH better, thus getting solidly in the good graces of the Town.

There is plenty of space to expand and double the size of the park. And the Town’s officers sound open to supporting that. Expanding to 40 spaces would bring the value of this park to $1.27MM at an 8-CAP.

Of course, that is down the road a bit. In the meantime, you’ve got a nice little park that you can double in value with minimal effort.

If you are interested, let me know soon! I can send docs, pics, etc. and would be glad to talk with you and answer any questions. This deal could be ready to close in 30- 45 days, so we need to move quickly.

Email me at: OR
Call/Text: 617-312-9833