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Oakleaf Estates

West Middlesex, Pennsylvania

Property overview

With nearly 50% of the local jobs being tied to Healthcare & Social Assistance, Manufacturing, and Education, employment has been secure and steadily increasing in recent years. The local community being ripe with outdoor recreational activities, quality of life will be a key factor in attracting the modern family to Oakleaf Estates. Middlesex Township, has a 21-acre park, located behind the Township Municipal Building on Browns Hill Road, and includes baseball fields, soccer fields, tennis courts, basketball courts, picnic areas, playground equipment, and a pavilion/gazebo which can be scheduled for family reunions, company picnics. The Community Park also provides a 1/2-mile walking trail around a natural wildflower field.

Oakleaf Estates is a 2.5-star community that could be converted to a 3.5-star community through a focused repositioning. It’s an all ages community developed in 1971 with 234 total sites, and presents itself as a value-add opportunity with only 25% occupancy. The site mix consists of 43 resident-owned homes, 14 leased homes, 1 rent to own home, 10 vacant inventory homes, 1 employee site, 126 vacant sites and 39 abandoned homes. The average site rent is $274 after pass throughs, which is $32 below the average market rent, and the average rental rate is $356

An investor with a future vision of value will recognize Oakleaf’s value at 90% stabilized could potentially be in the $6.2M range, which is referenced in the underwriting. The current ownership has been focused on other properties in the portfolio over the past 10 years that have debt on them. This led Oakleaf’s current condition which creates a tremendous opportunity for a focused investor with a game plan in turning the property around.

An investor could immediately add approximately $69,480 annually to the top line by renting the 10 vacant inventory homes ($579 x 10 x 12). In addition, if an investor focused on getting titles to the 39 abandoned homes, an additional $270,972 annually could be added to the top line before bringing in any new homes.

Oakleaf Estates
88 Mitchell Road
West Middlesex, Pennsylvania 16159

For detailed information on this property please contact: Enon Winkler (407) 616-0250.

Property Summary

Total Sites234
Year Constructed1971
Land (Acres) +93.85
Occupied Sites63
Vacant Sites171
Occupancy25%
Average Rent/Site$223
PRIMARY USEMHP
PROPERTY TYPEFamily
STAR CLASSIFICATION2.5
WATERMunicipal
SEWERSewage Treatment Plant
WATER METER TYPEDirect Billed
SEWER METER TYPEFlat Fee

OFFERING SUMMARY

Community Price$1,995,000
Total Investment$1,995,000