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7 Park Portfolio - Pittsburg, PA
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7 Park Portfolio - Pittsburg, PA
7 Properties Offered at $20,000,000 in Multiple Locations
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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.
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 | Number of Properties | 7 |
Price / SF | $8.05 / SF | Individually For Sale | 0 |
Cap Rate | 4.30% | Total Building Size | 2,483,897 SF |
Sale Type | Investment | Total Land Area | 248.17 AC |
Status | Active |
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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7 Park Portfolio - Pittsburg, PA
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