5 Maple St Alexander, ME 04694

Property Details for 5 Maple St

Lot size

0.68 lot acres

Property size

29,620 SF

Property type

Mobile home & RV parks

Description

This 0.68-acre mobile home park in Baileyville, ME, presents a compelling value-add investment opportunity. Currently boasting 66% occupancy (projected 100% by 09/24/2024), the park features eight pads and a renovated cottage, generating a current NOI of $41,021 and a pro-forma NOI of $41,021, resulting in a 17.77% cap rate and a pro-forma cap rate of 18.23%. The park benefits from city water and sewer, and features recently installed sub-metered utilities. Four pads are occupied under rent-to-own agreements averaging $677.50 per month, while the renovated cottage rents for $895 per month. Three vacant pads offer significant upside potential for increased revenue. The park is not located in a flood zone and is believed to be in compliance with local regulations. All tenants are current on rent payments, made via an online portal. The property includes a 29,620 square foot lot with 100-amp electrical pedestals. While the park's age is unknown, ongoing renovations have addressed deferred maintenance. The seller purchased the park in December 2021 and has implemented several improvements, including sub-metering water and sewer, and repairs to park-owned homes. The gravel road is in good condition. Tenants are responsible for mowing their own lots, while the park maintains common areas. The park handles snow removal for the main road. Trailers range in age from 1972 to 1985 and are conveyed via bill of sale. The asking price is $225,000. Baileyville offers a family-friendly environment with a strong school system and convenient access to major highways and the US/Canada border.