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Granite Creek 670 Granite Rd 12 Unit Mobile Home Park $839,000 ($69,917/Unit) 8.66% Cap Rate Kerhonkson, NY 12446
Investment Highlights
- Situated approximately 80 miles from New York City, offering convenient access to major metropolitan markets.
- Existing infrastructure includes a well and seven septic tanks in strong operating condition.
- Strong market fundamentals with Ulster County rental vacancy rates below 1%, supporting consistent occupancy and income growth.
- Positioned on a 12.2-acre parcel with only 2 acres developed, providing significant expansion potential for up to 36 additional sites (subject to appr
- Located near attractions such as Minnewaska State Park, local wineries, restaurants, hospitals, and major retailers, including Walmart.
- Majority tenant-owned homes with one park-owned unit, reducing management intensity and operational expenses while creating an opportunity for upside
Executive Summary
*80 Miles from New York City.
*Expansion opportunities. Potential for 36 more sites.
*12 unit MHP
*12.2 Acre Parcel , with a potential for expansion pending city approvals currently only 2 acres are developed.
*Well and 7 Septic tanks that are in great shape.
*Vacancy rate less than 1% for rentals in Ulster County.
*Located near restaurants, wineries and minewaska state park.
*Hospitals and wal-marts are with in a 5 minute travel.
*Upside in rent increases.
*Located in a certifiable Targeted Employment Area (TEA). Possibly an Eb-5 development opportunity.
*Mostly Tenant Owned with One Park Owned Home
*TENANTS ALL PAY- this is a great turn key property
*Located in Ulster County
*Expansion opportunities. Potential for 36 more sites.
*12 unit MHP
*12.2 Acre Parcel , with a potential for expansion pending city approvals currently only 2 acres are developed.
*Well and 7 Septic tanks that are in great shape.
*Vacancy rate less than 1% for rentals in Ulster County.
*Located near restaurants, wineries and minewaska state park.
*Hospitals and wal-marts are with in a 5 minute travel.
*Upside in rent increases.
*Located in a certifiable Targeted Employment Area (TEA). Possibly an Eb-5 development opportunity.
*Mostly Tenant Owned with One Park Owned Home
*TENANTS ALL PAY- this is a great turn key property
*Located in Ulster County
Property Facts Under Contract
| Price | $839,000 | Property Subtype | Manufactured Housing/Mobile Home |
| Price Per Unit | $69,917 | Building Class | C |
| Sale Type | Investment | Lot Size | 12.20 AC |
| Cap Rate | 8.66% | Building Size | 1,300 SF |
| Gross Rent Multiplier | 8.6 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1990/2005 |
| Price | $839,000 |
| Price Per Unit | $69,917 |
| Sale Type | Investment |
| Cap Rate | 8.66% |
| Gross Rent Multiplier | 8.6 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | C |
| Lot Size | 12.20 AC |
| Building Size | 1,300 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1990/2005 |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
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Granite Creek | 670 Granite Rd