Mark & Oaks Mobile Home Park
Mobile Home ParkWashington, Washington County, Pennsylvania
Listing Details
- Asking Price
- $2.4M
- City
- Washington
- County
- Washington County
- State
- Pennsylvania
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About Mark & Oaks Mobile Home Park
To download the financials, please click on See OM or Due Diligence, sign the confidentiality agreement, and you will have immediate access to the financials. If any questions or concerns, please contact Logan White at Logan@mhpvalue.com.
The MHP Value Team is pleased to offer Mark & Oaks MHP, an 82-site, two-park manufactured housing portfolio in the Pittsburgh MSA. The portfolio is primarily lot-rent with some park-owned homes and is offered at an attractive $28,658 per site, with multiple paths to income growth through rehab, lease-up, infill, and raising rents to market.
The two parks sit about one mile apart. Current occupancy includes 45 occupied lot-rent sites at $413/month, 9 park-owned homes at $726/month, 6 vacant park-owned homes, 3 demo homes, and 19 vacant lots. Both parks are on public water and sewer, which is billed back to tenants; trash is direct-billed, and electric and gas are individually metered and billed directly to tenants.
Water/sewer is a significant expense leak, however — costs average approximately $153/unit/month and the sellers recapture only about 40% of it. This must be addressed by a new owner and is reflected in the low price per site.
Mark MHP is also subject to a rent freeze through March 31, 2028, arising from a class action by a few tenants over the property's switch to sub-metered (RUBS) utility billing. The freeze covers only tenants in place at settlement, not new tenants, and does not affect Oaks MHP. The class action has concluded, and there are no outstanding legal or liability issues.
The investment strategy is to fix the water/sewer leakage, infill vacant lots, remodel vacant homes, and raise rents over time. Investors can acquire an 82-site portfolio below replacement cost, with multiple ways to grow occupancy and NOI. We project the pro forma cap rate rising from 7.43% to 14.81%, and cash-on-cash returns from 7.84% to 12.76%, by Year 3.
Important Note to Prospective Buyers from Pace Morby: Congrats to all new members of the Pace Morby “Creative Finance” and “Subto” communities. We appreciate your interest and enthusiasm. Please note that we work exclusively with qualified, verified buyers. Our clients are not seeking first-time purchasers attempting to acquire mobile home parks with no capital investment.
We will also not share proprietary Seller information with any intermediaries, including, but not limited to, scouts, “bird dogs,” or third parties.
Frequently Asked Questions
How much does Mark & Oaks Mobile Home Park cost?
Mark & Oaks Mobile Home Park is listed at $2.4M. Request full financials through Parkvestor for a direct introduction to the listing broker.
What type of property is Mark & Oaks Mobile Home Park?
Mark & Oaks Mobile Home Park is a mobile home park located in Washington, Pennsylvania, currently listed for sale.
Where is Mark & Oaks Mobile Home Park located?
Mark & Oaks Mobile Home Park is located in Washington, Pennsylvania. Browse more mobile home parks for sale in Pennsylvania on Parkvestor.
How do I get more information about Mark & Oaks Mobile Home Park?
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