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Address is 3378 Milledgeville Road Augusta, GA 30906

Joe Edge

Sherman & Hemstreet

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Shady Acres MH Community

Mobile Home Park for Sale in Augusta, Georgia

3378 Milledgeville Road
Augusta, GA 30906

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Sale Price: $1,000,000
 

Contact Information

Joe Edge
Sherman & Hemstreet

Mobile Home Park for Sale

Number of MH Lots: 61
Size: 8 acre(s)
Cap Rate: 10.2%
Purchase Method: Cash, New Loan, Assumable Loan
Status: Active
Property ID: 775167
Posted on: Jan 01, 2017
Updated on: Jan 01, 2017
Price: $1,000,000

Property Description

61 space mobile home community. 11 homes are rent to own. 1 unit is a stick built house, and 2 units are a duplex. 25 space renters, 2 park owned rentals, and 2 vacant homes in need of repair. Property includes a duplex and a stick built house. 18 vacant spaces but only around 5 of those are useable. Property is on county water/sewer with a portion of property on septics which are all in good working order and most of which are new. Lots of homes moved in over the last couple of years. Some vacant spaces still available for added upside. Close to Fort Gordon and I:520. Rent to own homes, a couple of park owned but mostly space renter park. Solid easy to run park with great returns and upside in raising rental rates.

Rent increase is scheduled for January 1st 2017 and is not reflected in 2016 financials. Location has the potential over the next 10 years to be redeveloped for apartments or single family as the Army Cyber Command growth moves down Gordon highway towards this property. A new roundabout is going in at corner of the property which will greatly improve the appearance of the park.

Location Description

In Augusta, GA at intersection with new roundabout going in over next couple of months. Milledgeville Road and North Leg meet near Gordon Highway and I:520 at current 4 way flashing lighted intersection.

Park Information

Number of MH Lots:61
Total Occupancy:95.0%
Year Built:1980
Average MH Lot Rent: $230
Size:8.0 acre(s)

Financial Information (Actual)

Gross Income$146,391
Operating Expense$44,155
Net Operating Income$102,235
Expense Ratio 30.2%
Debt Info160k first private loan

Lot Information

Singlewide Lots:61

Utility Information

Water:City
Water Paid By: Tenant - Submetered
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:4
Average Rent for Park-owned Homes: $450