Evergreen Terrace

Executive summary

BWE Investment Sales is pleased to present Evergreen Terrace, an 83-lot manufactured housing community located in Clinton, Maine — a quiet, established community conveniently positioned between the state capital of Augusta (30 minutes) and the college town of Waterville (15 minutes). The property sits within the Augusta-Waterville Micropolitan Statistical Area, Maine’s most populous micropolitan area with approximately 128,000 residents.

Evergreen Terrace is a well-maintained, majority tenant-owned community operating at 92% occupancy. The tenant mix includes 65 tenant-owned homes, 8 park-owned homes, and 3 rent-to-own units, with 7 vacant lots providing infill upside. The community features an average in-place lot rent of $594 per month with room for continued growth supported by strong regional demand for affordable housing and a constrained supply of competing manufactured housing communities in central Maine.

The property benefits from public water and sewer billed back to residents, curbside trash billed back, and electric and gas direct billed to tenants — resulting in minimal utility exposure for the owner. Road surfaces are asphalt with concrete driveways, and on-site amenities include boat, vehicle, and equipment storage available for monthly rent, providing an additional ancillary income stream.

Clinton’s proximity to major transportation routes, including Interstate 95 and state routes 11, 100, and 23, allows residents easy access to employment, healthcare, and retail services in Augusta and Waterville. The area’s largest employers — Maine General Medical Center and Colby College — provide a stable employment base, while the region’s median home price of approximately $281,200 creates a significant affordability barrier that drives sustained demand for manufactured housing.

With average 2-bedroom apartment rents in the area at approximately $1,300 per month and rising, Evergreen Terrace’s lot rent of $594 represents a more than 50% discount to conventional rental alternatives, ensuring long-term demand and occupancy stability.