The Kislak Co. on Monday announced it recently sold Colonial Mobile Park Home, a community with 27 sites in Manchester for $2,300,000.
Kislak marketed the property on an exclusive basis with Senior Vice President Daniel Lanni handling the assignment on behalf of the seller, Colonial Mobile Home Court, Inc., and he also procured the purchaser, the Casa Nova Today.
Lanni commented, “Mobile home parks have become very desirable for investors given their high cash flow and low maintenance costs, and residents who own their homes. This park was owned by the original owner and same family for more than 50 years and the transaction closed smoothly with a 1031-exchange buyer.”
Located at on 1st Street, 2nd Street and Commonwealth Boulevard, Colonial Mobile Home Park consists of 27 manufactured housing sites with 25 homes and two vacant lots in northwestern Ocean County. The community is served by public water with individual meters, allowing for efficient utility management. Below market rents present a significant upside for the purchaser with potential to increase revenue through the infill of the two vacant lots.
Most of the homes within the community are resident-owned, which helps to minimize maintenance responsibilities and enhances long-term stability. The local roads are public and maintained by the township.
