4 King RdHarpursville, NY 13787

Property Details for 4 King Rd

Year built

1920

Lot size

8.41 AC

Property size (Sq ft)

1,744 SF

Property type

Mobile home & RV parks

APN

032600 100.02-1-28

APU

3260010002128

Description

This exceptional investment opportunity presents Creekside Village, a 36-unit mobile home park situated on 9.3 acres of recently surveyed land in Harpursville, NY. Conveniently located just 19 miles from Binghamton, off State Route 88, this Class B property offers significant upside potential. Currently boasting a 73.38% occupancy rate, the park generates a strong NOI of $107,352, translating to a 9.76% cap rate. However, a pro-forma analysis reveals a potential NOI of $127,861 and an impressive 11.62% cap rate, indicating substantial room for growth. The park comprises 15 park-owned single-wide homes, 3 tenant-owned homes, and a single-family 4-bedroom brick home with a garage, along with a 1-bedroom single-family home. Furthermore, there are 16 vacant lots, fully serviced and ready for development, with one pad already poured. The property features a well and septic system. The asking price for this lucrative investment is $1,100,000. Built in 1970, this established park presents a compelling opportunity for investors seeking strong returns and potential for value appreciation in a growing market. The property's strategic location and existing infrastructure provide a solid foundation for future expansion and increased profitability.

• CAP approach

  CAP return

  Valuation

  6%

  $537,213

  6.5%

  $495,889

  7%

  $460,469

• Comparable approach

  Method

  Valuation

  Relative Method

  $355,574

  Geo Method

  $353,200

• Alternative Use

  Use

  Valuation

  Residential

  $495,889

  Hospitality

  $454,232

  Educational

  $377,916

  Medical

  $390,913

  Retail

  $587,869

Location Insight

City

Harpursville

County

Broome

State

New York

Latitude

42.1831

Longitude

-75.6307

CBSA code

13780

CBSA name

BINGHAMTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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