Reynolds & Route 322 Portfolio

Greenville & Carlton, Pennsylvania

Property overview

Mercer County is home to a diverse and vibrant array of manufacturers. For a county with just under 60,000 people, Mercer County still has several manufacturers employing over a 1,000 employees yet also has a multitude of smaller shops which incubate hard working, skilled manufacturing entrepreneurs. Mercer County is located in western Pennsylvania, 1 hour north of Pittsburgh, 1 hour south of Erie and 1 1/2 hours southeast of Cleveland, Ohio. Downtown features unique specialty shops and art galleries. In addition, Mercer County was selected as one of “Golf Digests” Top Golf Destinations. Outdoor activities include kayaking on the Shenango River, 23 mile water trail, skydiving, fishing, hiking/biking trails and more. Two state parks: Maurice K. Goddard State Park and Pymatuning State Park offer diverse recreational opportunities.

Reynolds is a 2 star, all ages community developed in the 1960’s. The community has 93 total sites and low occupancy due to the owners taking their eyes off this community over the past 5-7 years. The community has 24 resident-owned, 8 occupied leased homes and 1 employee site. The vacancies are made up of 2 vacant inventory homes, 49 vacant sites, and 9 abandoned homes. The average site rent after pass throughs is $268, which is $21 below market, and the average rental rate is $348. The community was hard hit by the failing economy, but a recent manufacturing resurgence, led by the world’s largest ladder manufacturer, Werner, has the local economy poised for rapid expansion.

Route 322 is a 2 star all ages community developed in the 1960’s. The community has 56 total sites with 17 resident-owned homes, 1 leased home, 1 vacant inventory home, 1 employee site, 29 vacant sites and 7 abandoned homes. The average site rent after pass throughs is $263, which is $18 above market, and the average rental rate is $321. The Route 322 offers a happy blend of country living and city convenience. Its rural setting also provides tenants with endless outdoor recreational opportunities.

Reynolds & Route 322 Portfolio

Greenville & Carlton, Pennsylvania

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Property Summary

Total Sites149
Year Constructed1960's
Land (Acres) +55
Occupancy35%
Average Rent/Site$213
PRIMARY USEMHP
PROPERTY TYPEAll Age
STAR CLASSIFICATION2
WATERCity/Well
SEWERCity/Lagoon
WATER METER TYPESub-metered
SEWER METER TYPESub-metered

OFFERING SUMMARY

Total Investment$699,000
Price per Site$4,691
Price Occupied per Site$13,442