LAKEVIEW MANOR

MEADVILLE, PENNSYLVANIA

Property Overview

17665 Semerad Road, Meadville, PA 16335

Listed By:

Jonathon McClellan

(216) 264-2023

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Kyle Baskin

(216) 264-2059

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Michael DiCillo

(216) 264-2034

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Enrique Wong

Broker of Records

(216) 943-1850

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Property Highlights

72

74%

$237

73.23 Acres

$71,213

$65,833

$86,769

$1,085,000

$280,000

$1,365,000

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SITES

OCCUPANCY

AVERAGE SITE RENT

LOT SIZE

2017 NOI

2018 NOI

PRO FORMA NOI

REAL ESTATE PRICE

HOMES PRICE

TOTAL OFFERING PRICE

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Investment Highlights

• Opportunity to Acquire 72 Sites Located in Western Pennsylvania
   

• A New Owner Can Implement an Aggressive Sales Program to Increase Occupancy
   

• Private Water and Private Sewer that are Sub-metered
   

• Located on 73 Acres of Land

Request Property Information

Marcus & Millichap is pleased to present the opportunity to acquire a manufactured housing community located in Western Pennsylvania, known as Lakeview Manor. The community currently contains 72 sites that are 74 percent occupied. Lakieview Manor is an all age community situated on 73 acres of land. The asset is serviced by private water and sewer (lagoon) that are sub-metered.

Lakeview Manor is located within 40 miles of Erie which had a population of 97,369 in 2017 and 90 miles of Pittsburgh which had a population of 302,407 in 2017. With a current occupancy of 74 percent, a new investor can benefit from the steady income while implementing an aggressive sales program to increase occupancy.

The community is being offered for a total price of $1,365,000 with $1,085,000 allocated to the real estate and $280,000 allocated to the 15 park owned homes. At the current asking price on the real estate, a new investor can assume a 8.00% Year 1 Cap Rate.