5400 Ny-31 Newark, NY 14513

This 31-unit mobile home park in Newark, New York presents a compelling redevelopment opportunity. Located at 5400 NY-31, 14513, the property boasts a Class B designation and sits on land valued at $925,000. Built in the 1970s and renovated in 2023, the park comprises 19 buildings, each one story, with 31 pads currently at 65% occupancy (as of April 23, 2001). The park's current Net Operating Income (NOI) is $83,139, yielding an 8.99% cap rate. The asking price is $925,000, translating to $29,838.71 per pad. The property is zoned legally for its current use and benefits from a hands-off management structure, with a manager responsible for rent collection and maintenance. Currently, there are nine vacancies, and a new unit is planned for completion on November 24th. Monthly rent collection (excluding the new unit) totals $8,837, or $106,044 annually. The sale includes two park-owned units. This property offers significant upside potential due to the existing vacancies and the addition of a new unit. The property is conveniently located near schools and shopping. Ownership is held by 4 Paisans LLC.