New Philadelphia MHPs

Quaker and Pines Mobile Home Parks are two all-age parks totaling 106 spaces, located in New Philadelphia, OH. We were able to acquire this deal by working with our industry relationships, getting the two parks under contract before any other buyers were able to see it.

The New Philadelphia portfolio features paved roads, sub-metered public water and sewer, and direct billed electricity and gas. Overall, the parks are in good condition, with some work needed on the roads, entrance, and signage, new home installs, and other miscellaneous items. We have set aside $389,550 to take care of these repairs and several new home installations.

Previous ownership did not keep up on market space rents, and during the 15 years under their ownership, rents were raised a total of $20/month. We plan on raising rents to market rates over the next few years and expect to see the park value double by year 5. We are targeting an IRR of 16.2% for our investors.