For Sale
$925,000

5400 Ny-31Newark, NY 14513

High-yield mobile home park, strong NOI.

Property records and analytics

Overview

Added:
Dec 11, 2024
Days on market:
124
This 31-unit mobile home park in Newark, New York presents a compelling redevelopment opportunity. Located at 5400 NY-31, 14513, the property boasts a Class B designation and sits on land valued at $925,000. Built in the 1970s and renovated in 2023, the park comprises 19 buildings, each one story, with 31 pads currently at 65% occupancy (as of April 23, 2001). The park's current Net Operating Income (NOI) is $83,139, yielding an 8.99% cap rate. The asking price is $925,000, translating to $29,838.71 per pad. The property is zoned legally for its current use and benefits from a hands-off management structure, with a manager responsible for rent collection and maintenance. Currently, there are nine vacancies, and a new unit is planned for completion on November 24th. Monthly rent collection (excluding the new unit) totals $8,837, or $106,044 annually. The sale includes two park-owned units. This property offers significant upside potential due to the existing vacancies and the addition of a new unit. The property is conveniently located near schools and shopping. Ownership is held by 4 Paisans LLC.

Highlights

  • 31-unit mobile home park in Newark, NY, offering redevelopment potential.
  • Located at 5400 NY-31, 14513, Class B property on land valued at $925,000.
  • Built in the 1970s, renovated in 2023, with 19 single-story buildings and 31 pads; currently 65% occupied (April 23, 2001 data).
  • $925,000 asking price, $29,839 per pad, $83,139 NOI, 8.99% cap rate.
  • Zoned for current use, hands-off management, nine vacancies, one new unit planned for completion November 24th.

Property Details for 5400 Ny-31

Property type
Mobile home & RV parks
Class
B
Year Built/Renovated
1970/2023
Buildings
19
Stories
1
Units
31

Location Insight

City
Newark
County
Wayne
State
New York
Latitude
43.049096
Longitude
-77.124274
5400 Ny-31, Newark, New York

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FAQs

What type of property is this?
Mobile home & RV park - High-yield mobile home park, strong NOI.
Where is the mobile home & rv park located?
The property is located at 5400 Ny-31 Newark, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 31-unit mobile home park in Newark, NY, offering redevelopment potential.; Located at 5400 NY-31, 14513, Class B property on land valued at $925,000.; Built in the 1970s, renovated in 2023, with 19 single-story buildings and 31 pads; currently 65% occupied (April 23, 2001 data).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
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Contacts

Gerard Curre
Gerard Curre
Visit Broker Website

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Ny-31
Newark, NY 14513

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Disclaimer

The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.

We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.

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5400 Ny-31
  • Gerard Curre
    Gerard Curre
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