Plattsburgh Estates MHC 53 Banker Rd 22 Unit Mobile Home Park $1,520,750 CAD ($69,125 CAD/Unit) 9.40% Cap Rate Morrisonville, NY 12962

Plattsburgh Estates MHC is a 20-pad mobile home park with an additional duplex house on 6.80 acres in Morrisonville, New
York, approximately 2 miles from Plattsburgh. Per assessor, the park is approximately 49 years old (1976). It is zoned as a mobile home park and is not located in a flood zone. The current owner has owned the park for four years. The park currently has a manager and a maintenance man.
All 20 pads (each 14' x 70') and the duplex are currently occupied. There are no vacant pads, no vacant trailers, and no trailers that need to be removed. There are no trailers held for back taxes. Of the homes in the park, 1 is park-owned and does not have a title; it will be conveyed via bill of sale. The remaining 19 are tenant-owned homes, with an average pad rental rate of $350. The current owners have not raised pad rents during their four-year tenure.
The park is served by city water and private septic. Since current ownership, the leachfield to the septic has been rebuilt. Underground pipes in the park are a combination of PVC, cast iron, and Orangeburg. Each homesite has a 100-amp electrical pedestal, and tenants are billed directly for electric by the supplier. There are no gas meters and no water meters, and no utilities are back-billed. Tenants pay for their own garbage.
The roads are paved and in good condition, and the park maintains the roads. Tenants mow their own pads, while the park mows common areas. Snow removal is performed as needed by a third-party vendor. Off-street parking is available.
The community utilizes leases, and tenants pay rent by depositing at a local bank. Only one tenant is currently behind in rent at the moment. The park currently has both a manager and a maintenance man in place.
The current loan is not assumable. Owner financing is not available. Stack offers are not available.
During the current ownership period, the leachfield to the septic system was rebuilt. When asked what they would do if they continued to own the property, the owners stated they would increase rents and buy some trailers from tenants to rent as POHs (park-owned homes) for additional income.
Jennifer Stein Real Estate, Inc is the Listing Broker for this listing and is licensed in the State of NY under LIC#10311209861. Jonathan Fisher is an out-of-state cooperating broker who is licensed in the State of Illinois under Lic#471.020503.
Location:

Morrisonville is a hamlet and census-designated place in Clinton County, New York. The population was 1,545 at the 2010 census. Morrisonville is divided between the towns of Plattsburgh and Schuyler Falls by the Saranac River, which defines the boundary between the two towns. The community is west of the city of Plattsburgh.
The median home cost in Morrisonville is $226,400. Home appreciation the last 10 years has been 64.5%. Home Appreciation in Morrisonville is up 14.6%.
Renters make up 30.1% of the Morrisonville population.
The average 1-bedroom unit rents for $800/month.
The average 2-bedroom unit rents for $1,020/month.
The average 3-bedroom unit rents for $1,280/month.
The average 4-bedroom unit rents for $1,380/month.
Morrisonville has an unemployment rate of 6.2%. The US average is 6.0%.
Morrisonville has seen the job market decrease by -5.6% over the last year. Future job growth over the next ten years is predicted to be 25.2%, which is lower than the US average of 33.5%.
The Median household income of a Morrisonville resident is $61,023 a year. The US average is $69,021 a year.
Morrisonville violent crime is 6.5. (The US average is 22.7)
Morrisonville property crime is 16.2. (The US average is 35.4)