Central pa 38 lot mhp for sale

I’ve been following interest rates and seen the effect it has had on cap rates so I’m considering selling my mobile home park.

The park is located about a mile from downtown Carlisle pa, which is the seat of Cumberland county the fastest growing county in the state. Its location is perfect in my opinion, it has great access to schools (2nd best in the county), Walmart and other shopping is about a mile away. The park is also 5 minute drive to two Amazon distribution center along with dozens of other warehouses, so jobs are plentiful and have started pushing up wages.

Park rents are going to 400 on January 1st which I believe is 50 dollars below market. The park also pays for water sewer and trash, and should be at a 100% occupancy by end of year. So gross rents per month are about 15k or 180k yearly and at 60% (assuming a 40% expense ratio) the net becomes close to 110k. Based on this I believe the value at a 7.3 cap is 1.5 million. I do not believe the park will appraise for this amount, because it has very small lots and some older mobile homes. The park does need some upgrades, 1 section of sidewalk, 2 6 gang meter bases as well as roads within the next 10 years. The park has every lot filled and I also have a spare mobile home in a field next to the park. The sale would include 4 mobile homes which are all newer and a block building that is rented at 625 a month.

I am on the fence about selling, primarily because I know that in 20 years rents will more then double in this location, but I would strongly consider selling it around 1.5. I also live onsite and know all my tenants so pushing rents to market isn’t an easy thing for me to do. Please let me know if I am close in my valuation of the property, this is the only place I have posted it.

1 Like

I live about an hour from the property and I’m interested. My email address is vahidgrami@gmail.com

I may be able to solve your situation. I used to live in PA at some point. That’s an interesting area. I’d love to have a conversation with you via phone or email… Feel free to DM me info or you can email me at GonzaloBizDev@Gmail.com

@Charlie.Ansa here ya go

My colleague Russ Williamson and I would gladly work with you. Reach out whenever you’d like. (614) 683-4722. http://colliersmanufacturedhousing.com/our-team/

I live 2 hours away from your park. I am interested in it. My email is mhp3672@gmail.com. ALso my cell is 302 893 2746. I can make a good offer