Specialty Real Estate
5214 U.S. 11 Homer, NY 13077
Details & Description
Price: $25,000,000
    Well located, 448 lots, five park manufactured home community portfolio with upside in occupancy, lot rent and a 42-lot expansion area. The portfolio is a stabilized opportunity with upside consisting of 5 land-lease communities in strong NY MSA markets. The portfolio has 438 active MH lots with 353 lot rent only tenants each paying an average lot rental rate of $483 per month. There are 8 park owned home tenants and 0 vacant park owned. There are 77 vacant active lots. There is also a 10- unit apartment building that is mostly occupied that is included in the deal. Current occupancy is roughly 82% on active lots. All parks are year-round, all-ages communities and has city water & sewer at 1 park and private water & sewer at 4 parks. Woodcrest Acres & Forest Hills provide water & sewer services to its tenants and is included in the rent. Forest Hills utilizes a wastewater treatment plant that has no known deferred maintenance. Pine Hill, Country Acres & Valley View bill back the water & sewer to the tenant. The tenant owned units are a mix of newer & older vintage but all in above average condition. Roads are paved and in mostly average condition as our offering price suggests. No parks are in flood zones. We are asking that investors submit offers at or above $25,000,000. Given the quality of the asset and expansion potential, this 5 park portfolio should qualify for non-recourse financing.
    Property Highlights
    Additional Photos
    Listing Agents
    Glenn Esterson

    O: 678-808-2723
    glenn.esterson@marcusmillichap.com
    While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

    5214 U.S. 11

    Homer, NY 13077

    Listing ID: 275887
    • 5214 U.S. 11 Homer, NY 13077 | for Sale | Photo 1
    • 5214 U.S. 11 Homer, NY 13077 | for Sale | Photo 2
    • 5214 U.S. 11 Homer, NY 13077 | for Sale | Photo 3
    • 5214 U.S. 11 Homer, NY 13077 | for Sale | Photo 4
    5214 U.S. 11 | for Sale | Thumbnail 1
    5214 U.S. 11 | for Sale | Thumbnail 2
    5214 U.S. 11 | for Sale | Thumbnail 3
    5214 U.S. 11 | for Sale | Thumbnail 4
    Building Size: 5,000 SF
    Lot Size: 635.000 AC
    Land Size: 27,648,839 SF
    Building $/SF: $5,000.00
    Land $/SF: $0.90
    Price
    $25,000,000
    Property Highlights
    Levered 7 Year IRR Target 20.0
    Year 7 Target Cash On Cash 16.4
    Year 7 Target Equity Multiple 2.7
    Description

    Well located, 448 lots, five park manufactured home community portfolio with upside in occupancy, lot rent and a 42-lot expansion area. The portfolio is a stabilized opportunity with upside consisting of 5 land-lease communities in strong NY MSA markets. The portfolio has 438 active MH lots with 353 lot rent only tenants each paying an average lot rental rate of $483 per month. There are 8 park owned home tenants and 0 vacant park owned. There are 77 vacant active lots. There is also a 10- unit apartment building that is mostly occupied that is included in the deal. Current occupancy is roughly 82% on active lots. All parks are year-round, all-ages communities and has city water & sewer at 1 park and private water & sewer at 4 parks. Woodcrest Acres & Forest Hills provide water & sewer services to its tenants and is included in the rent. Forest Hills utilizes a wastewater treatment plant that has no known deferred maintenance. Pine Hill, Country Acres & Valley View bill back the water & sewer to the tenant. The tenant owned units are a mix of newer & older vintage but all in above average condition. Roads are paved and in mostly average condition as our offering price suggests. No parks are in flood zones. We are asking that investors submit offers at or above $25,000,000. Given the quality of the asset and expansion potential, this 5 park portfolio should qualify for non-recourse financing.

    Points of Interest & Demographic Radii

    Points of Interest
    Demographic Radii
    POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
     
    Syracuse History of Specialty Real Estate for Sale

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    Homer Area Market Trends

    Listing Demographics for 5214 U.S. 11 Homer, NY 13077

    All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

    1-Mile 3-Miles 5-Miles
    Total Population5364,91727,311
    Population Median Age434237
    Population by Age0-9 Yrs50 (9%)506 (10%)2617 (9%)
    10-19 Yrs69 (12%)615 (12%)4175 (15%)
    20-29 Yrs56 (10%)531 (10%)6250 (22%)
    30-39 Yrs40 (7%)426 (8%)2560 (9%)
    40-49 Yrs101 (18%)695 (14%)2954 (10%)
    50-59 Yrs53 (9%)843 (17%)3209 (11%)
    60-69 Yrs83 (15%)661 (13%)2927 (10%)
    70+ Yrs84 (15%)640 (13%)2620 (9%)
    Median HH Income$82,143$68,838$50,683
    Total Household Income< 24K19 (9%)211 (10%)2253 (22%)
    25-49K34 (17%)501 (25%)2653 (26%)
    50-74K36 (18%)321 (16%)1686 (16%)
    75-99K35 (17%)273 (14%)1226 (12%)
    100-199K59 (29%)466 (24%)1693 (17%)
    200K+16 (8%)159 (8%)411 (4%)
    Highest Education LevelNo Diploma52401396
    Diploma or GED1008974666
    Some College535482988
    Assoc. Degree534882128
    Bachelors Degree1077062690
    Higher Degree665992217
    Total Housing Units1992,06611,474
    --Owner-Occupied1721,4005,586
    --Renter-Occupied275324,335
    Owner-Occupied Values< 100K182581687
    100-199K1298832982
    200-299K22211676
    300-399K239131
    400-499K005
    500K+09105
    Total Working Age Population4474,06023,210
    In Work Force2992,69113,975
    Not In Work Force1481,3699,235
    Workforce Employed2902,62213,337
    Workforce Unemployed969638
    Civlian Workforce2992,69113,975
    Military Workforce000
    Total Households1991,9329,921
    Family Households1631,4575,822
    Non-Family Households354754,099
    Married Couple1381,0574,047
    Other Family254001,775
    Married w/Child423461,357
    Single Male w/Child358385
    Single Female w/Child6137677

    Population Change Last Two Decades - Plus Projection

    2000%2010%2020%2030
    New York18,976,457+219,378,102+420,146,131+220,604,030
    Cayuga County81,963-280,026-477,069-374,724
    Cortland County48,599+249,336-447,544-246,693
    Tompkins County96,501+5101,564+4105,836+3109,051

    Total Working Age Population:

    Total Households:

    Total Working Age Population:

    Total Households:

    Total Working Age Population:

    Total Households:

    No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

    While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

    Common Questions and Answers

    What is the asking price for 5214 U.S. 11 in Homer?
    The asking price for 5214 U.S. 11 is $25,000,000
    What is the building size of this Specialty property in Homer, NY?
    The size of the building/unit at 5214 U.S. 11 in Homer is 5,000 square feet
    How much land does the Homer, NY property at 5214 U.S. 11 include?
    5214 U.S. 11 in Homer includes 635.000 acres of land
    What kind of Specialty is the propery at 5214 U.S. 11?
    The property at 5214 U.S. 11 Homer, NY 13077 is listed as a Other Specialty Specialty property
    What is the population within 1 mile of 5214 U.S. 11 in Homer?
    The population within 1 mile of 5214 U.S. 11 Homer, NY 13077 is 536 people.
    Who do I contact for questions about 5214 U.S. 11?
    You should contact the listing agent, Glenn Esterson, for any details regarding this commercial listing.

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    Closest Commercial Airports

    Airport Distance (mi)
    Syracuse Hancock International Airport (SYR) 32
    Greater Rochester International Airport (ROC) 82
    Buffalo Niagara International Airport (BUF) 131