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Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1012352
  • Posted on Dec 3, 2018

Property Description

• Unique opportunity to acquire a three-property portfolio in high quality locations near major metro areas in North Carolina. With three properties spanning 302 sites within a two hour drive of each other, a new owner will benefit from economies of scale.
• The offering includes 127 park-owned homes, of which 113 are currently occupied. The low number of vacant homes indicates the healthy demand for this product type in the area.
• Of the occupied park-owned homes, 70 are currently on a lease-option program where residents put down a minimum of 10% and have equity in the home. The remaining occupied homes are pure rentals. The current Owner is now able to use a third party financing source to sell homes as well.
• There is attractive upside in filling the remaining vacant sites at all three properties. There is high demand for homes across the portfolio, and Shady Acres recently saw four new homes brought in, all of which sold in a short time frame.
• All communities sit near major thoroughfares, providing easy access to larger markets such as Charlotte, Winston-Salem, Greensboro, and Raleigh-Durham. Country Valley sits only 45 minutes north of Charlotte while Shady/Fairgrove are only less than 30 minutes from Greensboro.
• These communities offer an attractive, cheaper alternative to traditional housing and their appeal should continue to increase as home prices in the area grow quickly relative to income, making the market more and more unaffordable for lower income households.

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