Description

This ±80-site, all-age manufactured housing community in Chicopee, Massachusetts is situated on approximately 6.28 acres and consists entirely of tenant-owned homes, providing a stable, low-maintenance operating model. The property is currently 91% occupied, with historical occupancy near 100%, and features average monthly rents of $350 with clear upside potential. Utilities are efficiently structured with sub-metered gas and electricity, while city water and sewer service the community. The asset includes approximately $1.63 million in assumable debt at an attractive 2.99% interest rate through May 2030, offering favorable financing terms with a 65% loan-to-value, 1.56 DSCR, 5.32% cash-on-cash return, and a projected 9.24% total return after principal reduction. With projected gross income of around $310,900 and expenses underwritten at 58.63%, the property achieves an estimated cap rate of 5.15%. Additional strengths include an on-site, long-term property technician/manager and a convenient location near Interstate 90 (Mass Turnpike) and major retail centers, enhancing accessibility and tenant appeal.