Mobile Home Park with Eight
For Sale
$219,000
Pending
1403 Ridley Rd, Phelps, NY 14532
Seven of eight established pads are currently occupied, generating lot-rent income with ongoing park operating services.
Property Size924 SF
Lot Size12.00 Acres
Days on Market94
Property Features for 1403 Ridley Rd
General Information
Standard status
Pending
Size
924 SF
Lot size
12.00 Acres
Property subtype
Land
Occupancy
88%
Additional Details
Business Included
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$4,472
Building Details
Building Size
924 SF
Year Built
1989
Listing Agency:
McMillan & Welch Real Estate A
Listed By:
Jonathan P. Welch · License #10311209863
(585) 727-1647
Source:
Elliman
Added: Jun 12
Changed: Sep 11
Last Checked: Sep 12 at 8:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of McMillan & Welch Real Estate A
Investment Insights
Based on property information with market context.
This mobile home and RV park offers eight established mobile home pads on over 12 acres of land, with seven pads currently occupied. The park is set up to support ongoing tenancy through established pad infrastructure, with parking and common-service coordination managed as part of the property’s operations.
The property is located at 1403 Ridley Rd in Phelps, NY 14532. Based on the provided mobility indicators, the site is car-dependent, aligning with a property type that typically relies on vehicular access for residents and service needs.
For investors, the current occupancy provides immediate income from the pad rental setup, with lot rents currently stated at $400 per month per pad. Reported total monthly operating expenses are approximately $870 and include taxes, insurance, common electric, and garbage services. Additional acreage is available for potential expansion or further development, subject to municipal approvals, and buyers are encouraged to contact the Town of Phelps for guidance on park expansion and zoning considerations.
The property is located at 1403 Ridley Rd in Phelps, NY 14532. Based on the provided mobility indicators, the site is car-dependent, aligning with a property type that typically relies on vehicular access for residents and service needs.
For investors, the current occupancy provides immediate income from the pad rental setup, with lot rents currently stated at $400 per month per pad. Reported total monthly operating expenses are approximately $870 and include taxes, insurance, common electric, and garbage services. Additional acreage is available for potential expansion or further development, subject to municipal approvals, and buyers are encouraged to contact the Town of Phelps for guidance on park expansion and zoning considerations.
Key Highlights
- Over 12 acres with eight established mobile home pads; seven are currently occupied and producing lot‑rent income.
- Lot rents are $400 per month per pad.
- Total monthly operating expenses are approximately $870, including taxes, insurance, common electric, and garbage services.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,548
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$210,960
$211.0K
Cap Rate 7%
$150,686
$150.7K
Cap Rate 9%
$117,200
$117.2K
Market Conditions
NOI Build-Up for 924 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$20.8K $22.56/SF
− Vacancy
−$1.7K −$1.80/SF
EGI
$19.2K $20.76/SF
− OpEx
−$8.6K −$9.34/SF
NOI
$10.5K $11.42/SF
Area
Ontario County, NY
Vacancy
8.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$210,960
Cap Rate 7%
$150,686
Cap Rate 9%
$117,200
Alternative Uses
Best Use
Apartment 5plus
$150.7K
$131.9K – $175.8K
NOI $10,548 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$276.6K
$242.0K – $322.7K
NOI $19,360 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
8
Residential units
87.5%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 14532, NY
4,174
Population
1,873
Households
2.2
Avg Household Size
44
Median Age
23%
College-Educated
91%
High-School Grad
41.2 sq mi
ZIP Area
101
Density / Sq Mi
$71,667
Median Household Income
$41,620
Median Earnings
$1,139
Median Rent
$159,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Seven of eight established pads are currently occupied, generating lot-rent income with ongoing park operating services.
Where is this mobile home & rv park located?
The property is located at 1403 Ridley Rd Phelps, NY.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Over 12 acres with eight established mobile home pads; seven are currently occupied and producing lot‑rent income.; Lot rents are $400 per month per pad.; Total monthly operating expenses are approximately $870, including taxes, insurance, common electric, and garbage services.
