REO MHC Portfolio | 107-Site MHC Portfolio | 59% Occupied with Major Infill Upside

Highlights:

• Lender REO Sale — 2 Communities, 107 Sites: Two communities totaling 107 manufactured housing sites in Plattsburgh, New York (Clinton County).
• 59% Occupied — Major Infill Opportunity: 51 TOH, 3 POH rentals, and 9 third-party owned — significant upside through new home infill.
• City Water and Sewer, Not Billed Back: Water, sewer, and trash paid by ownership — submetering presents immediate NOI improvement.
• $427/Month Average Lot Rent in Place: Below-market lot rents across occupied sites provide runway for increases as new homes are added.
• One Hour Drive to Downtown Montreal: Gateway to the Quebec–New York corridor via I-87 with Amtrak and Plattsburgh International Airport.
• 170K+ Residents Within 20-Mile Radius: Average household income near $100,000 and average home values around $370,000 in the trade area.

Description:

Coming to auction on RI Marketplace June 10th
More Information: https://rimarketplace.com/auction/3165/multifamily/plattsburg/ny

RealINSIGHT Marketplace, in partnership with Sunstone Real Estate Advisors, is pleased to offer for auction Collins and Underwood Estates MHC, two REO manufactured housing communities totaling 107 sites in Plattsburgh, New York (Clinton County). The properties represent a unique value-add opportunity for an experienced manufactured housing operator to acquire two communities serviced by city water and sewer. Water, sewer, and trash are currently paid by the properties, presenting the opportunity to submeter and bill back usage to residents and increase NOI. Currently 59% occupied with 51 tenant-owned homes, 3 park-owned rentals, and 9 third-party-owned homes, the portfolio offers significant upside through infill of new homes, occupancy growth, and utility recapture. Average lot rent is $427 per month. The properties benefit from close proximity to Lake Champlain and the Saranac River, and Plattsburgh is approximately one hour from downtown Montreal and Burlington, Vermont via Interstate 87. With over 170,000 people within 20 miles, average household incomes near $100,000, and average home values around $370,000, the surrounding market supports consistent demand for affordable housing options.