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50 Davis St 85 Unit Mobile Home Park $1,690,188 CAD ($19,885 CAD/Unit) 9.26% Cap Rate Presque Isle, ME 04769
Investment Highlights
- 86-pad, all-age MHP at $1,200,000 — just $13,953 per pad, well below replacement cost
- $59,226 stabilized NOI in place today — a 4.94% cap
- Billback never implemented — park-paid water/sewer (~44% of revenue) is untapped
- NO CREATIVE FINANCING, SELLER FINANCING, OR PREFERRED EQUITY — cash or conventional only
- 50 vacant pads with infrastructure already in the ground — pads, paved roads, municipal water/sewer
- Flat $350 lot rents, untouched below market — day-one mark-to-market lever
Executive Summary
Presque Isle MHP at 50 Davis Street, Presque Isle, ME offers a rare opportunity to acquire an 86-site, all-age manufactured housing community in the commercial hub of Aroostook County. Priced at $1,200,000, this value-add asset presents an attractive basis of just $13,953 per pad, well below comparable county pricing. Currently 41.9% occupied, the property features 27 lot-rent sites, 8 park-owned homes, 1 single-family home, and 50 vacant pads ready for lease-up and infill. Investors can capitalize on significant upside through occupancy growth, rental increases, and the opportunity to implement water and sewer billback, which has never been utilized. Municipal water and sewer are already in place, while electric is directly billed to tenants. With pro forma NOI projected at approximately $111,092 at full occupancy—before any utility billback—this offering delivers compelling income growth potential and a projected 9.3% yield-on-cost. Located adjacent to Presque Isle International Airport and within one of Northern Maine's key service and employment centers, this community combines scale, affordability, and operational upside in a high-demand regional market.
Property Facts
| Price | $1,690,188 CAD | Building Class | C |
| Price Per Unit | $19,885 CAD | Lot Size | 8.20 AC |
| Sale Type | Investment | Building Size | 34,995 SF |
| Cap Rate | 9.26% | Average Occupancy | 45% |
| No. Units | 85 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Manufactured Housing/Mobile Home | Parking Ratio | 0.06/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | UR - URBAN | ||
| Price | $1,690,188 CAD |
| Price Per Unit | $19,885 CAD |
| Sale Type | Investment |
| Cap Rate | 9.26% |
| No. Units | 85 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 8.20 AC |
| Building Size | 34,995 SF |
| Average Occupancy | 45% |
| No. Stories | 1 |
| Year Built | 1900 |
| Parking Ratio | 0.06/1,000 SF |
| Zoning | UR - URBAN |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+0 | 86 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | PREE-000044-000057-000050 | Improvements Assessment | $53,663 CAD |
| Land Assessment | $726,499 CAD | Total Assessment | $780,163 CAD |
Property Taxes
Parcel Number
PREE-000044-000057-000050
Land Assessment
$726,499 CAD
Improvements Assessment
$53,663 CAD
Total Assessment
$780,163 CAD
Contacts
-
Jennifer Stein Real Estate Inc Jennifer Stein -
Dylan
Brazil
-
Pierce
Brazil
- Jennifer Stein Real Estate Inc
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50 Davis St
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