TILTING ROCK MOBILE HOME PARK
GRISWOLD, 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
Kyle Baskin
(216) 264-2059
Connor Outcalt
(216) 264-2029
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.