Wellman Road MHP
Mobile Home Park | 37 Units | Infil Opportunity
Marketing description
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The MHP Value Team is pleased to offer for sale Wellman Road MHP, a 37-site mobile home community located in Busti, New York. The property is currently underutilized, featuring fifteen (15) occupied lot rentals averaging approximately $297 per month, and twenty-two (22) vacant pads, providing a clear and immediate path to lease-up and stabilization.
Wellman Road presents a rare opportunity to acquire a below- replacement-cost community, offered at $375,000, significantly under the cost to develop new infrastructure and entitle a comparable site in today’s market. The property is supported by existing infrastructure and layout, allowing an investor to execute a phased infill strategy while minimizing entitlement risk.
The investment strategy assumes a phased lease-up of vacant pads through tenant-owned homes or park-owned inventory, driving NOI growth as occupancy increases. With low going-in occupancy and significant upside, Wellman Road presents a compelling opportunity for investors seeking a scalable, high-yield asset with strong fundamentals and limited entitlement risk, with a clear path to value creation and projected returns exceeding a 18.51% Proforma Cap Rate in Year 3 and a 36%+ IRR in year 6.
Important Note to Prospective Buyers from Pace Morby: Congrats to all new members of the Pace Morby “Creative Finance” and “Subto” communities. We appreciate your interest and enthusiasm. Please note that we work exclusively with qualified, verified buyers. Our clients are not seeking first-time purchasers attempting to acquire mobile home parks with no capital investment. We will also not share proprietary Seller information with any intermediaries, including, but not limited to, scouts, “bird dogs,” or third parties.
Investment highlights
- 37-Pad Infill Opportunity with Immediate Upside: 22 vacant pads and below-market lot rents provide a clear path to rapid lease-up and NOI growth.
- Below Replacement Cost Basis: Offered at $375,000, significantly below the cost to develop and entitle a comparable community, creating a strong margin of safety.
- Clear Path to Stabilization & Strong Returns – Proforma assumes infilling 5 MHP sites per year, stabilizing at ~80% occupancy by Year 3, with projected ~39.73% IRR at a 8% disposition Cap Rate.
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