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6 Lowery Dr - Dunbar Estates MHP

27 Unit Apartment Building Offered at £743,328 at a 8.11% Net Initial Yield in Dunbar, PA 15431

Investment Highlights

  • City water & city sewer!
  • Rent still below market rates!
  • Huge value-add component with adding water meters!

Executive Summary

Dunbar Estates MHC is a 27-pad mobile home community located on 4.33 acres in Dunbar, PA. (Pittsburgh Metropolitan Area). The park was developed in 1984 and has served the community by offering an affordable housing option since that time. The property is zoned commercial/mobile home park. The park is not located in a flood zone. The park is presently managed by a resident manager who the owners believe will have interest continuing in that role going forward. The park also has a maintenance man.
The pad size sizes in Dunbar Estates will accommodate 14 x 70 trailers. There are currently not any trailers that need to be removed from the premises. Of the 25 occupied pads in the park (93% occupied), five of the trailers are RTO's averaging $680/month, 20-pads in the park are occupied by TOH's which are paying $350/month, and two pads are vacant. Rent was last raised in 2023. There is currently one tenant behind in his rent. The park utilizes leases for its residents. The tenants currently pay their rent via check, bank deposit, Cashapp, Venmo, & Zelle. The balance of the RTO contract's to be assigned to the next buyer is currently $89,750.
PUBLIC WATER & SEWER! Dunbar Estates is on city water & city sewer! The underground pipe material is believed to be PVC. The electrical pedestals are believed to be 100 amps. Residents are direct billed for electricity by the provider. The park currently pays the water & garbage for the park. This park may be a perfect candidate to introduce water meters for a value-add aspect. The roads through the park are a combination of asphalt & gravel and are considered to be in good condition. The tenants mow their own pads and the park mows the common areas. The city pushes snow for the park.
The current owner of Dunbar Estates has owned the property since 2018. Since they purchased the park they have made the following improvements to it:
•Improved plumbing
•Improved roads
•Added two new trailers to the park
•Performed tree work
When asked what improvements they would focus on going forward if they continued to own/operate the park this was his reply:
•Add Metron water meters to the park to bill back the water bill to tenants
•Raise rent by $50/month in 2025
MR. LANDMAN, LLC is a licensed brokerage in the State of Pennsylvania under LIC#RB069500. Jonathan Fisher is a licensed broker in the State of Pennsylvania under LIC#RM425074.
Location:
Dunbar is a borough in Fayette County, Pennsylvania. The population was 1,013 at the time of the 2020 census.
The median home cost in Dunbar is $84,300. Home appreciation the last 10 years has been 71.5%. Home Appreciation in Dunbar is up 11.0%.
Renters make up 27.0% of the Dunbar population.
Average 1-bedroom rent in Dunbar is $680/month.
Average 2-bedroom rent in Dunbar is $820/month.
Average 3-bedroom rent in Dunbar is $1,040/month.
Dunbar has seen the job market decrease by -7.0% over the last year. Future job growth over the next ten years is predicted to be 21.0%, which is lower than the US average of 33.5%.
Dunbar violent crime is 10.3. (The US average is 22.7)
Dunbar property crime is 10.8. (The US average is 35.4)
Fayette County is a county in the Commonwealth of Pennsylvania
It is located in southwestern Pennsylvania, adjacent to Maryland and West Virginia. As of the 2020 census, the population was 128,804. Its county seat is Uniontown. The county is part of the Southwest Pennsylvania region of the state. Fayette County is part of the Pittsburgh, PA Metropolitan Statistical Area. The southern border of Fayette County is the southern border of Pennsylvania at both the Pennsylvania–Maryland state line (the Mason–Dixon line) and the Pennsylvania–West Virginia state line.
Here is a list of the ten largest employers in Fayette County, PA from Q1 2024:
1. State Government
2. Nemacolin Woodlands Inc
3. The Uniontown Hospital
4. Wal-Mart Associates Inc
5. Connellsville Area School District
6. Fayette County
7. Fayette Resources Incorporated
8. Albert Gallatin Area School District
9. Uniontown Area School District
10. Laurel Highlands School District
Greater Pittsburgh is the metropolitan area surrounding the city of Pittsburgh in Western Pennsylvania, United States. The region includes Allegheny County, Pittsburgh's urban core county and economic hub, and seven adjacent Pennsylvania counties: Armstrong, Beaver, Butler, Fayette, Lawrence, Washington, and Westmoreland in Western Pennsylvania, which constitutes the Pittsburgh, PA Metropolitan Statistical Area MSA as defined by the U.S. Office of Management and Budget.
As of the 2020 census, the Greater Pittsburgh region had a population of over 2.37 million people. Pittsburgh, the region's core city, has a population of 302,971, the second-largest in the state after Philadelphia. Over half of the region's population resides within Allegheny County, which has a population of 1.24 million and is the state's second-largest county after Philadelphia County.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £743,328
Price Per Unit £27,531
Sale Type Investment
Net Initial Yield 8.11%
No. Units 27
Property Type Residential
Lot Size 4.33 AC
Building Size 1,000 SF
Average Occupancy 93%
Number of Floors 1
Year Built 1984
Parking Ratio 54/1,000 SF

zoning

Zoning Code commercial (Commercial MHP)
commercial (Commercial MHP)
  • Listing ID: 34159008

  • Date on Market: 11/12/2024

  • Last Updated:

  • Address: 6 Lowery Dr, Dunbar, PA 15431

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