Skyview Ridge Mobile Home Park 400 Friendship St. Waldoboro, ME Contact: Andrew Roberts (owner) 860 301-6067 andy65@cox.net At 44 lots, this is among the larger parks in the area. Seldom is a park this size offered for sale in Maine. Skyview Ridge is located in the heart of coastal Maine where high home prices and rents create strong demand for mobile homes. The park draws on a large population within a 30 minute commute and attracts tenants from Rockland, Camden and other higher rent towns. Employers include Maine State Prison, Penn Bay Medical Center, Bath Iron Works ship builders, Wal-Mart, the lobster industry and tourism. Demographic studies understate the population as they do not include the multifold increase in seasonal residents. Wages are higher and unemployment lower than the rest of the state. The community is located an hour past Portland, on the edge of town just off Route 1, the main road for coastal Maine.
This is an attractive community in a great setting partly wooded and partly open with sunset views. Lots are exceptionally large. Many are.25 acre which attracts residents over parks where the trailers are jammed in. Lots feature side-by-side parking. The setting is attractive for retirement and vacation homes. The infrastructure is good. The present owner has owned the park for ten years during which many improvements were made. Curb stops and water meters were installed on all lots that lacked them. Extensive drainage improvements were made with rip rap, culvert and ditch work. Pedestals are 100 amp service. Utility poles have been replaced. The deteriorated paved road was removed and replaced with a recycled asphalt road. The recycled asphalt base readies the road for paving at minimal cost ($45,000). Sewer lines are plastic, not clay. Main water lines are plastic. A Phase 1 environmental and survey were done. This park is in the sweet spot where it can easily be converted from an 8 cap to a 12 cap. Rents have not been increased in years. Occupancy is good yet there is still opportunity to improve the bottom line by filling a few vacant lots. The improved economy makes this task easier. Increase rents, fill 4 or 5 lots and the park could be worth over $2m. The park is operated by an absentee owner who wishes to retire. 44 Lots City water and sewer paid by residents 11.63 acres 82% occupancy Few park owned homes (6). None on notes Exceptionally large Within town limits Single wide homes, nearly all vinyl sided and pitched roof Attractive setting with views, trees, and lawns. Good infrastructure Recycled crushed asphalt road 100 amp pedestals Curb stop water shut offs on all lots. Meters supplied by water utility on all homes Curbside trash pickup paid by park Park website in place. skyviewridgemaine.com Improvements - Road Work: Old asphalt road ripped up. Recycled asphalt base installed for future paving - Drainage Improvements Extensive rip rap, culvert and ditch work done. - Curb stops installed on all lots where absent - Roads professionally maintained - Electrical: Old poles replaced with new and guyed, boxes upgraded where needed - Tree work done initially and ongoing - General Improvements: Covered mail boxes, new shed for park equipment. Infrastructure - City water and sewer - No clay sewer lines - Plastic pipe water lines - 100 amp service, pedestals in good condition - Street lights Lots - Many 75'x115'. Some 11,000 SF to 18,000 SF - Will accept large trailers, doublewides. - Two concrete pads, remainder gravel - Side by side parking for two cars; highly desirable for tenants - Market opportunity for summer homes for Florida residents - Potential play for conversion to single family development.
Sales Price Analysis Net income $109,000 Other additional income not included 8% cap rate on $109,000 $1,362,000 Park owned homes with sale $92,000 Vacant lots setup with utilities 8 at $7500 60,000 Total $1,514,000 Selling Price $1,400,000