Julian Estates
Julian, PA
Asking price
$849,000
Sites
15
Cap rate
10.90%
Price / site
$56,600
About this property
Julian Estates is a 15-pad manufactured housing community located on 8.83 acres in Julian, Pennsylvania, just minutes from State College—home to Pennsylvania State University (Penn State). Originally developed in the mid-1960s, the property is zoned for manufactured housing and self-storage, offering investors both a stable income base and the flexibility for potential expansion or mixed-use redevelopment. The current owner has held the property for three years and is now repositioning assets, presenting a clean, stabilized investment in a strong Central Pennsylvania market supported by a worldclass university and robust local economy. Julian is part of the greater State College metro area, a region anchored by Penn State University, one of the largest and most influential economic drivers in Pennsylvania. The university employs tens of thousands of faculty and staff and attracts more than 46,000 students annually, creating consistent housing demand and an extremely tight rental market. The high cost of traditional housing in and around State College—where average home prices and apartment rents have surged in recent years—has made affordable housing alternatives like manufactured home communities increasingly valuable and sought after. In addition to Penn State’s stabilizing influence, the surrounding region benefits from strong healthcare, education, and technology sectors, along with retail and service industries that cater to the university population. The property’s proximity to U.S. Route 322 provides quick access to downtown State College, regional employers, shopping, dining, and the State College Airport. Julian Estates spans 8.83 acres and consists of 15 total pads, all of which are currently occupied. The community is zoned specifically for manufactured housing and self-storage, allowing for future development or income diversification. The park was originally constructed in the mid-1960s, and while a portion of the property lies within a Class A flood zone, the current owner does not carry flood insurance. The property does not have an on-site manager, though it employs a maintenance technician, and ownership notes there is a tenant who could serve as a potential on-site manager if desired. Of the 15 pads, 12 homes are tenant-owned (TOH) and 3 are park-owned (POH), including one double-wide unit. The average rent for park-owned homes is $800 per month, with the last increase implemented on October 1, 2024. The average pad rent for tenant-owned homes is $400 per month, also last raised on October 1, 2024. The owner holds clear titles to all park owned homes. As of now, one POH is vacant but is expected to be rented prior to closing. There are no homes held for back taxes, and no tenants are currently delinquent on rent. The park utilizes annual leases, and tenants pay via Cash App, Venmo, or check. The community offers off-street parking for residents and operates with 100% occupancy, providing a stable, predictable income stream. The park is serviced by private well water and private septic, both of which have been improved by the current owner during his tenure. Garbage service is provided and paid for by the park. The underground water and sewer lines are believed to be PVC, and each pad features a 100-amp electrical pedestal. Tenants are directly billed by their respective electric and gas providers, and no utilities are back-billed by ownership. The roads throughout the park are gravel and maintained by the park’s maintenance contractor. Tenants are responsible for mowing their own spaces, while the owners maintain the common areas. In the event of significant snowfall, the park utilizes a local contractor for snow removal. Since acquiring the property three years ago, the current owner has invested in meaningful infrastructure upgrades, including improvements to the plumbing, well, and well house. These upgrades have strengthened the park’s operational reliability and reduced maintenance exposure.
All details
Figures are transcribed from the source listing as published. “Source page last checked” is when our crawler last fetched that page — it is not a check of the financials and not confirmation from the broker.
| Asking price | $849,000 |
|---|---|
| Sites | 15 |
| Price per site | $56,600 |
| Cap rate | 10.90% |
| Year built | 1965 |
| Address | 130 Elderberry Lane |
| First seen by UnitListed | Sep 6, 2026 |
| Source page last checked | Oct 24, 2026 |
| Source last changed | Oct 11, 2026 |
Before you call the broker
7 things are not disclosed on this listing. These are the questions that would close the gap — specific to a park, not a generic list.
Net operating income — not disclosed
What is the trailing twelve-month NOI, and what does it include and exclude?
The single number a lender will size debt against. Ask what is excluded — management fees and reserves are the usual omissions.
What period the financials cover — not disclosed
Are these figures trailing twelve months, last calendar year, or projected?
A projected stabilised NOI and a current operating NOI can differ by a third, and both get called "NOI".
Gross income and operating expenses — not disclosed
Can you share a trailing twelve-month profit and loss, with the expense lines itemised?
NOI alone hides whether income is high or expenses are being under-reported. The split is what you underwrite.
Reason for sale — not disclosed
Why is the owner selling, and how long have they held it?
Never published on a listing, always worth knowing. Retirement and a looming capital bill are very different situations.
Operating season and seasonal mix — not disclosed
Is this year-round or seasonal, and what is the split between seasonal, monthly and transient guests?
A seasonal park with a five-month window is a different business from a year-round one at the same annual revenue.
Utility infrastructure — not disclosed
Are water, sewer and electric municipal or private, and what condition is the infrastructure in?
A private septic or well at end of life is a capital item that can exceed a year of NOI, and it will not appear in the expenses.
Permits and non-conforming use — not disclosed
Is the current site count permitted, and is any of it legal non-conforming?
A park operating more sites than it is permitted for cannot be financed at the income it shows.
Asking price — disclosed
Currency of the asking price — disclosed
Site count and hookup mix — disclosed
Whether the land is included — disclosed
What has changed
Every date below is when we observed a change, not when it happened. We first saw this listing on Sep 6, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Oct 11, 2026Price reduced$925,000 → $849,000
- Oct 11, 2026Price reduced
- Sep 6, 2026First seen by UnitListed
