TILTING ROCK MOBILE HOME PARK

GRISWOLD, CONNECTICUT

Tilting Rock MHP - Connecticut
Tilting Rock MHP - Connecticut
Tilting Rock MHP - Connecticut
Tilting Rock MHP - Connecticut
Tilting Rock MHP - Connecticut
Tilting Rock MHP - Connecticut
Tilting Rock MHP - Connecticut

634 Hopeville Road, Griswold, CT 06351

Property Highlights

SITES

OCCUPANCY

AVERAGE SITE RENT

T-12 NOI (Mar'18-Feb'19)

PRO FORMA NOI

CAP RATE

REAL ESTATE PRICE

HOMES PRICE

TOTAL OFFERING PRICE

47

91%

$475

$112,332

$153,868

8.21%

$1,875,000

$175,000

$2,050,000

Investment Highlights

  • Opportunity to Acquire 47 Sites Located in Griswold, Connecticut
     

  • Priced at $1,875,000 for the Real Estate Plus $175,000 for the Home Inventory
     

  • 91 Percent Occupancy Once The Three New Homes Are Occupied
     

  • 178,174 Population Within a 15 Mile Radius and a Median Housing Value of $230,705
     

  • Walmart Supercenter Within 3.9 Miles
     

  • Public Water and a Private Septic System

Request Property Information

Listed By:

Jonathon McClellan

(216) 264-2023

Jonathon.McClellan@marcusmillichap.com

Kyle Baskin

(216) 264-2059

Kyle.Baskin@marcusmillichap.com

 

Connor Outcalt

(216) 264-2029

Connor.Outcalt@marcusmillichap.com

J.D. Parker

Broker of Record - Northeast

(212) 430-5150

License REB.0788985

Property Overview

Marcus & Millichap is pleased to present the opportunity to acquire a mobile home park located in Eastern Connecticut in a city called Griswold. The area boasts a population of 178,174 people in a 15 mile radius with a median housing value of $230,705. Tilting Rock Mobile Home Park contains 47 sites, originally licensed for 54 sites, and it’s on Public Water and Private Septic Systems.


Tilting Rock is conveniently located near Interstate 395 making access to Providence, RI and Hartford, CT. This provides its tenants with easy access to shopping (Walmart Supercenter within 3.9 miles), restaurants and local attractions.


Based on the Year 1 Pro Forma, an investor could expect to purchase the community at a 8.21% cap rate. As it sits today there are currently 7 vacancies, however the valuation is based on 3 newer homes being occupied prior to close bringing the occupancy at 91.5%. Prior to the 3 homes becoming occupied the owner must update the septic systems to meet the State’s standards - more information can be found on our Due Diligence site.

GET IN TOUCH:

Jonathon McClellan
Senior Managing Director Investments

Jonathon.McClellan@marcusmillichap.com

(216) 264-2023

SOCIAL LINKS:

Kyle Baskin

Senior Managing Director Investments

Kyle.Baskin@marcusmillichap.com

(216) 264-2059

Jacqueline Sawchik

Executive Assistant | Marketing Coordinator

Jacqueline.Sawchik@marcusmillichap.com

(216) 264-2062

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© 2017 by McClellan & Baskin MHC Group