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7 Park Portfolio - Pittsburg, PA

7 Properties Offered at $20,000,000 in Multiple Locations

INVESTMENT HIGHLIGHTS

  • Value-Add Cash Flowing Portfolio
  • POH To TOH Conversion Opportunity
  • Infill Opportunity
  • MSA With Strong Demand For Affordable Housing
  • Strong Upside In Rent Growth and Occupancy

EXECUTIVE SUMMARY

The Esterson MHC Team of Marcus & Millichap is excited to present this value-add and cash-flowing investment opportunity to acquire a portfolio of 7 manufactured housing communities (MHCs) strategically located across Pittsburgh, Pennsylvania.
This extensive portfolio consists of 527 Units with a 61% occupancy rate. The portfolio has 512 MH lots, 12 RV lots and 3 SFH’s. There are currently 321 tenants. Also included are 49 park-owned homes (POH), 31 rent to own homes (RTO) and 177 vacant lots. This can be purchased as a 7-park portfolio, or a buyer can purchase either the 3 northern parks or the 4 southern parks. Individual parks are not being offered for sale.
• Geographic Focus: The communities are all located in the Pittsburgh, PA area, providing focus in a stable and growing market.
• Significant Scale: The portfolio’s 527 sites offer notable scale, enabling economies of scale in management and operations, enhancing the overall investment’s stability and potential for growth.
• Strong Upside in Occupancy Rate: With a 61% occupancy rate, the communities are well-established with a solid resident base, ensuring immediate and steady rental income. There is also room for increasing rents and occupancy, presenting a value-add opportunity.
• Limited Park-Owned Homes: Only 49 homes are park-owned. This reduces maintenance responsibilities and costs associated with owning and managing homes. It also allows for potential conversion to tenant-owned homes, further increasing cash flow and decreasing operational expenses.
This portfolio offers a compelling opportunity to invest in a focused, scalable, and income-generating asset class. With immediate cash flow, value-add potential, and geographic focus, this investment aligns well with strategies aimed at long-term growth and income stability in the affordable housing market.
This portfolio is priced at $20,000,000, including all park-owned homes, and presents a value-add opportunity for investors looking to acquire a cash-flowing asset with further upside potential. Both conventional recourse, non-recourse and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, and a list of due diligence requirements. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.

PROPERTY FACTS

Price $20,000,000
Price / SF $8.05 / SF
Cap Rate 4.30%
Sale Type Investment
Status Active
Number of Properties 7
Individually For Sale 0
Total Building Size 2,483,897 SF
Total Land Area 248.17 AC

PROPERTIES

PROPERTY NAME / ADDRESS PROPERTY TYPE SIZE YEAR BUILT INDIVIDUAL PRICE
321 Ridge Ave, Strattanville, PA 16258 Multifamily 10,000 SF 1850 -
Glen Lake Estates Mobile Home Park
1037 Barkeyville Rd, Grove City, PA 16127
Multifamily 500 SF 1980 -
562 Ferguson Rd, Dunbar, PA 15431 Specialty 2,300,000 SF - -
Luxor
449 Bovard Luxor rd, Greensburg, PA 15601
Multifamily 66,000 SF 1990 -
30 Rose Garden Rd, Smithfield, PA 15478 Multifamily 105,000 SF 1990 -
203 Hyvue Ln, Butler, PA 16002 Multifamily 1,397 SF 1990 -
3549 Morgantown Rd, Smithfield, PA 15478 Multifamily 1,000 SF 1990 -
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  • Listing ID: 33684797

  • Date on Market: 10/30/2024

  • Last Updated:

  • Address: 7 Park Portfolio - Pittsburg, PA, Strattanville, PA

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