Log In/Sign Up
Your email has been sent.
50 Davis St
Presque Isle, ME 04769
Multifamily Property For Sale
·
34,995 SF
Investment Highlights
- 86-pad, all-age MHP at $1,200,000 — just $13,953 per pad, well below replacement cost
- $59,226 stabilized NOI in place today — a 4.94% cap
- Billback never implemented — park-paid water/sewer (~44% of revenue) is untapped
- NO CREATIVE FINANCING, SELLER FINANCING, OR PREFERRED EQUITY — cash or conventional only
- 50 vacant pads with infrastructure already in the ground — pads, paved roads, municipal water/sewer
- Flat $350 lot rents, untouched below market — day-one mark-to-market lever
Executive Summary
Presque Isle MHP at 50 Davis Street, Presque Isle, ME offers a rare opportunity to acquire an 86-site, all-age manufactured housing community in the commercial hub of Aroostook County. Priced at $1,200,000, this value-add asset presents an attractive basis of just $13,953 per pad, well below comparable county pricing. Currently 41.9% occupied, the property features 27 lot-rent sites, 8 park-owned homes, 1 single-family home, and 50 vacant pads ready for lease-up and infill. Investors can capitalize on significant upside through occupancy growth, rental increases, and the opportunity to implement water and sewer billback, which has never been utilized. Municipal water and sewer are already in place, while electric is directly billed to tenants. With pro forma NOI projected at approximately $111,092 at full occupancy—before any utility billback—this offering delivers compelling income growth potential and a projected 9.3% yield-on-cost. Located adjacent to Presque Isle International Airport and within one of Northern Maine's key service and employment centers, this community combines scale, affordability, and operational upside in a high-demand regional market.
Property Facts
| Price Per Unit | $14,118 | Building Class | C |
| Sale Type | Investment | Lot Size | 8.20 AC |
| Cap Rate | 9.26% | Building Size | 34,995 SF |
| No. Units | 85 | Average Occupancy | 45% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1900 |
| Apartment Style | Low-Rise | Parking Ratio | 0.06/1,000 SF |
| Zoning | UR - URBAN | ||
| Price Per Unit | $14,118 |
| Sale Type | Investment |
| Cap Rate | 9.26% |
| No. Units | 85 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 8.20 AC |
| Building Size | 34,995 SF |
| Average Occupancy | 45% |
| No. Stories | 1 |
| Year Built | 1900 |
| Parking Ratio | 0.06/1,000 SF |
| Zoning | UR - URBAN |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+0 | 86 | - | - |
Property Taxes
| Parcel Number | PREE-000044-000057-000050 | Improvements Assessment | $38,100 |
| Land Assessment | $515,800 | Total Assessment | $553,900 |
Property Taxes
Parcel Number
PREE-000044-000057-000050
Land Assessment
$515,800
Improvements Assessment
$38,100
Total Assessment
$553,900
1 of 15
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
