Julian Estates 130 Elderberry Ln 15 Unit Mobile Home Park $1,000,000 ($66,667/Unit) 9.64% Cap Rate Julian, PA 16844

Julian Estates is a 15-pad manufactured housing community located on 8.83 acres in Julian, Pennsylvania, just minutes from State College—home to Pennsylvania State University (Penn State). Originally developed in the mid-1960s, the property is zoned for manufactured housing and self-storage, offering investors both a stable income base and the flexibility for potential expansion or mixed-use redevelopment. The current owner has held the property for three years and is now repositioning assets, presenting a clean, stabilized investment in a strong Central Pennsylvania market supported by a worldclass university and robust local economy.
Julian is part of the greater State College metro area, a region anchored by Penn State University, one of the largest and most influential economic drivers in Pennsylvania. The university employs tens of thousands of faculty and staff and attracts more than 46,000 students annually, creating consistent housing demand and an extremely tight rental market. The high cost of traditional housing in and around State College—where average home prices and apartment rents have surged in recent years—has made affordable housing alternatives like manufactured home communities increasingly valuable and sought after. In addition to Penn State’s stabilizing influence, the surrounding region benefits from strong healthcare, education, and technology sectors, along with retail and service industries that cater to the university population. The property’s proximity to U.S. Route 322 provides quick access to downtown State College, regional employers, shopping, dining, and the State College Airport.
Julian Estates spans 8.83 acres and consists of 15 total pads, all of which are currently occupied. The community is zoned specifically for manufactured housing and self-storage, allowing for future development or income diversification. The park was originally constructed in the mid-1960s, and while a portion of the property lies within a Class A flood zone, the current owner does not carry flood insurance. The property does not have an on-site manager, though it employs a maintenance technician, and ownership notes there is a tenant who could serve as a potential on-site manager if desired.
Of the 15 pads, 12 homes are tenant-owned (TOH) and 3 are park-owned (POH), including one double-wide unit. The average rent for park-owned homes is $800 per month, with the last increase implemented on October 1, 2024. The average pad rent for tenant-owned homes is $400 per month, also last raised on October 1, 2024. The owner holds clear titles to all park owned homes. As of now, one POH is vacant but is expected to be rented prior to closing. There are no homes held for back taxes, and no tenants are currently delinquent on rent. The park utilizes annual leases, and tenants pay via Cash App, Venmo, or check. The community offers off-street parking for residents and operates with 100% occupancy, providing a stable, predictable income stream.
The park is serviced by private well water and private septic, both of which have been improved by the current owner during his tenure. Garbage service is provided and paid for by the park. The underground water and sewer lines are believed to be PVC, and each pad features a 100-amp electrical pedestal. Tenants are directly billed by their respective electric and gas providers, and no utilities are back-billed by ownership. The roads throughout the park are gravel and maintained by the park’s maintenance contractor. Tenants are responsible for mowing their own spaces, while the owners maintain the common areas. In the event of significant snowfall, the park utilizes a local contractor for snow removal.
Since acquiring the property three years ago, the current owner has invested in meaningful infrastructure upgrades, including improvements to the plumbing, well, and well house. These upgrades have strengthened the park’s operational reliability and reduced maintenance exposure. When asked what his next priorities would be if he continued ownership, the seller responded, “Paving the roads and expanding the storage units.” This provides a clear blueprint for the next owner to enhance property value and expand ancillary income.
Julian Estates represents a turnkey, fully occupied
manufactured housing community in one of Pennsylvania’s most
desirable and resilient markets. Its location near Penn State
University and the State College economic hub ensures
consistent housing demand and a broad tenant base, while the
area’s high cost of conventional housing further supports strong
occupancy and rent growth potential. With stable collections,
upgraded infrastructure, and dual-use zoning that allows for selfstorage
expansion, Julian Estates offers both immediate returns
and long-term upside for an investor seeking durable cash flow
in a supply-constrained market.
The owner does not have any assumable loans, and no seller financing or Morby Stack proposals will be considered.
MR. LANDMAN, LLC is a licensed real estate firm in the State of Pennsylvania under LIC#RB069500. Jonathon Fisher is a broker in the State of Pennsylvania under LIC#RM425074.

LOCATION:
Julian is an unincorporated community and census-designated place (CDP) that is located in Huston Township, Centre County, Pennsylvania. It is part of the State College, Pennsylvania Metropolitan Statistical Area. The population was 152 at the 2010 census. It is part of the larger Bald Eagle Valley.
The median home cost in Julian is $245,300. Home appreciation the last 10 years has been 54.0%. Home Appreciation in Julian is up 6.4%.
Renters make up 20.8% of the Julian population.
The typical 1-bedroom unit rents for $970/month.
The typical 2-bedroom unit rents for $1,120/month.
The typical 3-bedroom unit rents for $1,370/month.
The typical 4-bedroom unit rents for $1,500/month.
Julian has an unemployment rate of 4.9%. The US average is 6.0%.
Future job growth over the next ten years is predicted to be 27.3%, which is lower than the US average of 33.5%.
The Median household income of a Julian resident is $75,833 a year. The US average is $69,021 a year.
Julian violent crime is 13.5. (The US average is 22.7)
Julian property crime is 24.1. (The US average is 35.4)