Current Use by Public Records
- Mobile home & RV parks
Property Details for 2 Vermont St
- Lot size
- 43.40 lot acres
- Property type
- Mobile home & RV parks
Description
This exceptional investment opportunity presents a portfolio of two mobile home communities in Plattsburgh, NY, totaling 144 sites across 43.4 acres. Currently operating at 52% occupancy (as of April 1, 2024), this portfolio offers significant value-add potential. The large lot sizes accommodate newer, larger homes, and the absence of park-owned homes presents a unique opportunity to increase occupancy and rental income. Projected increases in occupancy and rent, coupled with strong local demographics (average household income $82,280, average home value $243,152 within a 10-mile radius), point to substantial revenue growth. New move-in rents are projected to reach $475 within months, a $118 increase over the current average. A 15% occupancy increase would generate over $90,000 in additional annual revenue. Further revenue enhancement can be achieved through annual rent increases (up to 3% per year, or potentially higher with capital improvements, per NY Housing Stability & Tenant Protection Act of 2019). The portfolio's attractive basis, below replacement cost, makes this a compelling investment in a strong, growing market. The properties are conveniently located within seven miles of each other at 2 Vermont St and 55 Northway Ct, Plattsburgh, NY 12901.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Plattsburgh
- County
- Clinton
- State
- New York
- Longitude
- -73.5049
- Latitude
- 44.6746
