This property is Off-Market

407 N. Midler Ave.
Syracuse, NY 13206 ·

120 Spaces · Multifamily For Sale

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Foland Mobile Home Park

Price N/A Property Use Type Investment
No. Spaces 120 Cap Rate 13.50%
Property Type Multifamily Occupancy 58%
Property Sub-type Mobile Home/RV Community Lot Size 10.40 SF
Listing ID: 16608834 Date Created: 03/13/2010 Last Updated: 08/16/2010

Description

Mobile Home Park is set on 10.4 acres and includes 70 occupied pads, with a total of 120 pads on site. Park has public water and sewer and is located in the East Syracuse Minoa School District. Syracuse address, but located in Dewitt township. Park owner has recently relocated its business and the several on-site buildings are available for future owners use, or to rent for additional income (SUCH POTENTIAL INCOME IS NOT INCLUDED IN NOI). Those buildings include: two single-family houses, 6,000 sf retail building, 1,400 sf 3-bay garage, and 1,200 sf office/service building. Southwest corner of site includes vacant 3 acres portion that could be developed for additional mobile home sites or subdivided. Total site is comprised of 3 contiguous tax parcels.

Actual 2009 NOI includes property taxes based on current assessment of $1,134,800. Upon re-assessment following sale, taxes are projected to be reduced by $15,000+-. 2009 expenses do not include property management fee.

From intersection of James and Midler in the heart of Eastwood, take Midler Ave. north 1/2 mile to right turn onto N. Midler Ave. - site 1/4 mile on left.

From Carrier Circle, go west on Rt. 298 just 900' to left at Court Street Rd, then 1/2 mile to left turn at N. Midler Ave. - site on right.

Highlights

  • 120 total pad sites, with 3 acres for possible expansion of mobile park
  • East Syracuse Minoa Schools
  • Public Sewer
  • Public Water
  • Projected income from vacant buildings formely owner occupied: $20,000
  • Upon sale and re-assessment, taxes projected to be reduced by approx. $15,000

Research

407 N. Midler Ave., Syracuse, NY 13206 (Onondaga County)

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