For Sale
$4,000,000

3145 Stewart RdVestal, NY 13850

High-Yield Mobile Home Park in Vestal, NY

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 120-site mobile home park presents a compelling investment opportunity in Vestal, New York. Boasting a 7.80% current cap rate and a pro-forma cap rate of 8.82%, this Class B property offers significant potential for growth. The park currently enjoys an 84.87% occupancy rate, generating a net operating income (NOI) of $312,141, with a pro-forma NOI projected at $352,994. Situated on a spacious 20.97-acre lot, the park features 98 tenant-owned homes, one stick-built home, two park-owned homes, and 19 vacant lots, providing immediate income and future development possibilities. Conveniently located across from a Lowe's and within close proximity to downtown Binghamton (5 miles) and Binghamton University (3 miles), the park benefits from a strong tenant base and high demand. The property includes town water and sewer services and paved roads, ensuring efficient operations and maintenance. The asking price for this lucrative investment is $4,000,000. This is a rare opportunity to acquire a well-established mobile home park with substantial upside potential in a desirable location. The strong financials, prime location, and existing infrastructure make this a truly attractive investment.

Highlights

  • $4,000,000 asking price for a 120-unit mobile home park.
  • Class B property with a 7.80% cap rate and a pro-forma cap rate of 8.82%.
  • Currently 84.87% occupied, generating a NOI of $312,141 and a pro-forma NOI of $352,994.
  • Located on 20.97 acres at 3145 Stewart Rd, Vestal, NY 13850, across from Lowe's, near Binghamton University and downtown Binghamton.

Property Details for 3145 Stewart Rd

Property type
Mobile home & RV parks
Class
B
Lot Size (sq. ft)
913,453 SF
Units
120

Location Insight

City
Vestal
County
Broome
State
New York
Latitude
42.0983045
Longitude
-76.0013732
3145 Stewart Rd, Vestal, New York

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3145 Stewart Rd
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