For Sale
$415,000

222 Myers StHancock, MD 21750

6-Unit Mobile Home Park, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
114
This stabilized Class C mobile home park in Hancock, Maryland presents a compelling investment opportunity. The property, known as Myers MHC, consists of six pads on a 0.45-acre lot (APN 05-009332), all currently occupied at 100% occupancy. Built in 1975 and extensively renovated in 2020, the park boasts updated units featuring electrical service upgrades, roof coatings, new countertops and stainless-steel appliances, new flooring, and fresh interior and exterior paint. Five homes underwent these renovations, and a sixth home was added this year. Water, sewer, and trash are included in the rent, with provisions for billing back excess usage. The property offers a pro-forma NOI of $48,718 and a pro-forma cap rate of 11.74% at an asking price of $415,000 ($75,000 per pad). Located on a quiet dead-end street less than half a mile from I-70, it provides easy access to Hagerstown (30 minutes away). The surrounding area demonstrates strong demographics, with a 2024 population of 19,099 within a 10-mile radius, boasting average household incomes of $85,619 and average home values of $275,469. Hancock's designation as "Maryland's Trail Town," with its numerous hiking and biking trails attracting over 4.3 million visitors annually, further enhances the property's appeal. The current zoning is TR. This investment offers the potential for increased income by raising rents to market rates, adding over $7,000 annually to gross income. The property is situated on city utilities.

Highlights

  • Stabilized Class C mobile home park offering an attractive in-place yield with potential for significant rent increases, adding over $7,000 annually to gross income.
  • Extensive renovations completed in 2020, including electrical upgrades, roof coatings, new appliances, flooring, and paint; one new home added in 2024.
  • High demand for renovated affordable housing in the area, resulting in rapid lease-up after renovations.
  • Water, sewer, and trash included in rent; excess usage billed back to tenants.
  • Strong demographics within a 10-mile radius: 19,099 population, $85,619 average household income, and $275,469 average home value.
  • Located in Hancock, MD, designated "Maryland's Trail Town," benefiting from over 4.3 million annual visitors to local trails.

Property Details for 222 Myers St

Property type
Mobile home & RV parks
Class
C
Year Built/Renovated
1975/2020
Lot Size (sq. ft)
19,602 SF
Units
6

Location Insight

City
Hancock
County
Washington
State
Maryland
Latitude
39.7036234
Longitude
-78.1897167
222 Myers St, Hancock, Maryland

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222 Myers St
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