Property details

North Carolina Mobile Home Park Portfolio, Southeast Region

Property Description

North Carolina Mobile Home Park Portfolio

North Carolina 2 Mobile Home Park Portfolio

Total rental rate for park owned homes are well below the market average for nearby apartments. Current owner has agreed to move rents up $20 now so that the increased income can be realized immediately

All major utilities are direct billed to the tenants

Stabilized occupancy over the years demonstrates the strong demand for homes, new or renovated.

Low turnover rate at 15% annually

Consists of two neighboring mobile home parks

The parks are situated on +/- 106 acres, with easy access to local schools, parks, and recreational amenities.

In the past several years, ownership has purchased 70 homes and filled the parks to 100% occupancy.

One mobile home park is a 33 site park and is filled with 4 resident owned homes, 3 rent to own homes, and 25 occupied leased homes.

The other mobile home park is a 111 site park at 100% occupancy with 26 resident owned homes, 5 rent to own homes, and 80 occupied leased homes. Many of the tenants at these parks are long term and have been residents for 10 years plus.

Investment Summary
Portfolio Price: $6,300,000
Yr 1 Cap Rate: 7.02%
Home Inventory Price: $3,200,000
Yr 1 Cap Rate: 10.48%
Total Sites: 144
Average Site Rent: $330
Average Home Rent: $356
Economic Occupancy: 99.3%
Average Cap Rate: 8.75% (7.02$ + 10.48%) / 2

33-Pad MHP Summary
Classification: 3 Star
Community Type: Mobile Home
Resident Profile: Family
Year Built: 1989
Acres: 49.8 +/-
Pads: 33
Water: Municipal, paid by Resident
Sewer: Septic, paid by Community
Electric: paid by Resident
Trash: paid by Community

111-Pad MHP Summary
Classification: 3 Star
Community Type: Mobile Home
Resident Profile: Family
Year Built: 1989
Acres: 57 +/-
Pads: 111
Water: Municipal paid by Resident
Sewer: Septic paid by Community
Electric: paid by Resident
Trash: paid by Community



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Highlights

Status:
Available
Price:
$9,500,000
Cap Rate:
8.75%
 

Property Information

Property Type:
Mobile Home Parks
Industry Type:
Mobile Home Park
Units/Spaces:
144
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

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