Kerr & Bradd Mobile Home Parks Miramichi, New Brunswick
Property Detail
Property Description
Location & Description:
The Kerr Estates and Bradd St. mobile home parks are both located in Miramichi, New Brunswick. The same owner owns both parks and must be sold as a combined package. The two parks are only 2.2 km apart or a short 4-minute drive. The current owner has owned Kerr Estates since 2010 and Brad St since 2015 and made some improvements. The roads have been freshly graveled and overall general appearance is neat and clean.
Titles:
The two parks are unique in that they are both set up as individual lots which can be sold off separately. There is a PID (Property Identification Number) for each lot and separate survey. However, it is being operated as two typical stand-alone rental parks.
Park Owned Homes:
There are no (0) park-owned mobile homes included in this offering.
Revenue:
Revenue is from monthly pad rents and also water and sewer services provided by Kerr Estates with a monthly charge to the tenants of $35/month and could increase. City rates for the same services are $60/month. This accounts for additional revenue of $14,874 for 2020. There has only been one rent increase for both parks in 2013 and as a result are well below current market rents which could be $180-$200/month.
Rent Collection:
Rent is collected by management by auto withdrawal with 6-10 that pay cash.
New Brunswick does not have any rent controls, but increases are limited to one time per year
Expansion and Subdivision:
Bradd Street is fully developed however, Kerr Estates may have expansion potential due to the large land base in excess of 250 acres.
Management:
The same managers manage both parks and would prefer to stay on after a potential sale.
Services:
Bradd St. is on full city services with garbage pickup by the city at each residence.
Kerr Estates has one (1) well in service and one (1) capped well with a new water filtration system installed in 2011. Water treatment operating agreements have recently been approved. A lagoon system (tested quarterly) for sewage within the excess large land area and fully approved. The streets are owned and maintain by the city which includes road repair and snow removal. Hydro, telephone, internet services and cable TV are all provided by utility companies. Well water is tested 3 times per month. Overhead hydro to each unit is provided by New Brunswick Power.
Zoning:
Kerr Estates is (MH subdivision). Bradd St is (RM – Mobile/Mini Home Park)
Miramichi, NB: City Hall website: https://www.miramichi.org/home-page/
