Collins MHP and Underwood Estates

1Collins and Underwood Estates MHPs represent a unique opportunity for an experienced manufactured housing operator to acquire two properties, in close proximity to each other, totaling 107 sites with value-add upside. Located in Plattsburgh, NY, part of Clinton County, the properties are serviced by city water and sewer. All utilities, including water, sewer, electric, and trash, are currently paid by the park – presenting the opportunity to bill back the residents and increase NOI. Situated within the City of Plattsburgh, the properties benefit from Lake Champlain and the Saranac River. Plattsburgh is one of the prime gateways between the U.S. and Canada near the Quebec-New York corridor. The city is approximately an hour drive from downtown Montreal. The property presents significant upside for a well-capitalized buyer, as the current occupancy is 65%. Of the occupied sites, 58 sites are TOH or 84% - with the remaining being third-party owned. Average lot rent is $440 per month. The buyer is positioned with the opportunity to infill the community with new homes and drive occupancy as the greater submarket is well-occupied.