Colonial Mobile Home Park, a 27-site community in Ocean County sold for $2.3 million. The property is located on 1st Street, 2nd Street and Commonwealth Boulevard in Manchester. The Kislak Company, Inc. handled the transaction.
The Colonial Mobile Home Park community comprises 27 manufactured housing sites with 25 homes plus two open sites. Each lot is individually metered by public water which allows the property owner to manage utilities more efficiently. The purchaser has the opportunity to drive revenue by filling the two vacant spots. Most of the mobile homes are owned by the residents, reducing maintenance responsibilities and increasing overall stability. All the local roads are public and maintained by Manchester Township.
The seller, Colonial Motor Home Court, Inc., selected Kislak to exclusively market the Ocean County property. Kislak Senior Vice President Daniel Lanni arranged the deal and secured the buyer, Casanova Today, LLC.
“Mobile home parks have become very desirable for investors given their high cash flow and low maintenance costs, and residents who own their homes,” commented Kislak’s Lanni. “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.”
A 1031 exchange, also known as a like-kind exchange, lets investors defer capital gains taxes when selling an investment property and reinvesting the proceeds in a similar property as defined by Section 1031 of the U.S. Internal Revenue Code. The primary benefit is the postponement of paying taxes on capital gains.
