Cook Properties Fund
Exceptional Opportunities. Exceptional Returns.
Cook Properties currently operates 43 multi-tenant properties across New York State. We have a demonstrated track record of acquiring properties and smartly investing in property improvements that yield significantly higher NOI.
mobile home parks
with 2,500 pads
27
sq. ft.
retail and office
250,000
storage
facilities
6
The Cook Properties Fund 20 was launched in October of 2020.
This private real-estate equity fund is focused on acquiring mobile home parks and self-storage facilities in Massachusetts, New York, Ohio and Pennsylvania. The fund is targeting double-digit returns through the purchase of cash flowing properties with a measurable upside.
We continue to explore mobile home and self-storage opportunities with an eye toward long-term revenue projections. These are highly niche markets with little competition that provide steady revenue and offer significant growth through smart capital investments and sensible management. We manage each property as an independent LLC for risk mitigation.
Why Choose Mobile Home Investment?
Mobile home parks have gained in popularity over the years. Residents enjoy single family home ownership without the burden of property maintenance. This lifestyle is popular across diverse demographics including single professionals, young families, and seniors – especially in 55+ housing communities.
Mobile home park owners own the land and provide overall long-term improvements to the communal assets of the park, which improve the property value year over year.
Why Choose Self-Storage Facility Investment?
Nearly 10% of all US households rented a storage space in 2020. These facilities have low construction costs, low overhead and low staffing costs. Demand remains high across a wide range of demographics, while monthly rentals provide steady income.
Additional Information:
Case Study # 1: 2 storage facilities in Genesee County, NY
- 175 units drive up units, non climate controlled
- 2008 purchase for $310,000
- 50% vacant, leased up for 12 months
- Raised rent annually
- 2011 secured permanent financing for $450,000
- 2015 cash out refinance; valued at $657,000
- 2019 cash out refinance; valued at $1,065,000
- Increased annual NOI from $29,554 to $90,640
- Increased value from $310,000 to $1,065,000
Case Study #2: Adjacent Mobile Home Parks in Waterloo, NY
- Purchased 3 years apart: First property for $425,000 March 2010 and second property for $475,000 July 2013
- 70 total permitted pads, 35 occupied at purchase
- 2013 First property refinanced for $550,000 to replace water lines, pads, and small cash out
- 2017 First property refinanced for $1,085,000 to pave roads and cash out
- Parks combined in 2018
- Raised rent annually
- 2018 Second property refinanced for $775,000 to develop 6 acres between the two parks and add 16 new pads and homes
- 2020 bought parcel next door to second property. On track to develop 20 more new pads in 2021
- 90 pads by end of 2021
- Increased annual NOI from $95,000 to $400,942
- Increased value from $900,000 to $2,970,000
- Cap rate from purchase to now is 4.4% to 13.5%
- 2019 cash on cash return was 44%
Case Study #3: Mobile Home Park in Utica, NY
- Purchased in 2015 for $2.4mm with 141 pads
- Sub metered water and sold off 10 park owned homes, rehabilitated and rented 10 more within first 3 months of ownership
- In 2016, just 12 months after purchase, refinanced for $3.2mm
- Raised rent annually
- Increased annual NOI from $228,000 to $482,000
- Increased value from $2.4mm to $4mm++ (Will refinance in 2021)
- Working on site plan to develop excess vacant land for 50 new homes
- Cap rate from purchase to now is 9.5% to 12.1%
- 2019 cash on cash return was 37.5%
Case Study #4: Mobile Home Park in Ithaca, NY
- Purchased in Jan 2018 for $2.3mm, 124 pads
- Brought in 10 new homes and sold off 20 park owned homes in first 12 months of ownership
- Raised rent annually
- Increased annual NOI from $263,000 to $341,000
- Increased value from $2.3mm to $3.9mm
- Jan 2019 Refinanced at 65% LTV; 85% of investor capital returned
- Cap rate from purchase to now is 11.4% to 8.7% (due to refinancing)
- 2019 cash on cash return was 22.3%
Case Study #5 – Mobile Home Park in Hudson, NY
- Purchased in 2017 for $3.3mm, 117 pads
- Installed 12 new pads and homes
- Sub-metered water in 2018, adding $35,000 to the bottom line
- Raised rent annually
- Working on site plan to develop excess vacant land for 60 new homes
- Increased annual NOI from $296,444 to $481,000
- Increased value from $3.3mm to $5mm
- Cap rate from purchase to now is 8.9% to 9.6%
- 2019 cash on cash return was 19%
Case Study #6: 2 Mobile Home Parks in Wayne County, NY
- Purchased 2018 for $3.5mm, 192 pads in 2 parks
- Installed 20 new pads and homes
- 20 homes demoed
- Raised rent annually
- Increased annual NOI from $312,412 (2018) to $454,695 (2019)
- Increased value from $3.5mm to $5.5mm; will refinance 3rd/4th qtr 2021
- Finishing permit process for septic to sewer conversion in 2021 (running sewer 1 mile)
- Cap rate from purchase to now is 8.9% and 13%
- 2019 cash on cash return was 14.2%
Note: all numbers reported are year end 2019 figures.