TILTING ROCK MOBILE HOME PARK
634 Hopeville Road, Griswold, CT 06351
AVERAGE SITE RENT
T-12 NOI (Mar'18-Feb'19)
PRO FORMA NOI
REAL ESTATE PRICE
TOTAL OFFERING PRICE
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
Broker of Record - Northeast
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.