Maiden Lane MHP
26 Unit MHP | 100% Occupied | 10.3% Cap
Marketing description
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MHP Value Team is pleased to present Maiden Lane MHP, a fully occupied 26-lot manufactured housing community situated in Oswego, New York. The community offers investors a stabilized, cash-flowing asset in a strengthening upstate New York market.
Maiden Lane consists of 22 Park-Owned Homes at $750/m and 4 Tenant-Owned Homes at $306/m in lot rent — producing a diversified, resilient income stream across all 26 occupied sites. The POH inventory spans vintages from the late 1970s through 2021; all older homes have been fully remodeled.
Oswego County sits within a combined statistical area exceeding 650,000 residents. The region is undergoing a structural economic transformation driven by Micron Technology's selection of Clay, New York — approximately 30 miles from Oswego — as the site of its landmark domestic semiconductor campus. The phased $100 billion investment is expected to generate 9,000 high-wage direct jobs and an estimated 50,000 indirect and induced positions over a 15-year buildout. The resulting demand for affordable workforce housing is expected to exert sustained upward pressure on occupancy rates and achievable rents in communities such as Maiden Lane throughout the project lifecycle.
Water service is provided by the municipality through a single master meter, with the cost currently absorbed within resident rents — representing a potential value-add opportunity for a future owner to implement sub-metering. Sewer is handled via an on-site private septic system configured at one tank per two units. Of the 13 tanks in operation, 6 were replaced in 2019 the remaining 7 date to the late 1990s. No current operational issues have been reported.
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
- Priced at 10.3% entry cap rate on real estate and a cash on cash return of 11.05%
- Located 45 minutes from downtown Syracuse and 35 minutes away from Micron’s 100BN manufacturing investment
- City water absorbed by landlord; opportunity to bill back water to further drive returns
- POH inventory ranging from remodeled 1970s to 2021
- Strong tenant base with stringent screening criteria and little to no collection issues
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