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Mobile Home Park Details

  • Price: $985,000
  • Property ID: 1046412
  • Posted on Mar 27, 2019

Property Description

The MHP Broker brings to you the sale of a Well located, turn-key, stabilized MHP in a strong rental market. Located in an excellent location near Fort Stewart, GA and about 46 Miles from Historic Savannah, GA. The park has 35 lots with 35 park owned homes (POH) with no current vacancies. All homes are singlewide models from the 1980's and 90's in good overall condition. The owner has renovated 30 homes with approximately $2,000-$8,000 in upgrades on each over the last 18 months.
This MHP operates off well water and 1/1 septic and in excellent working order. Monthly water testing can be done by local Hinesville company for roughly $300 per month. If buyer desires, city water and sewer hookups are available at the street. All tenants have direct access to driveways off a paved public road. Driveways are gravel in good condition. Park uses a dumpster for trash disposal and paid for by the park. The park is partially in a flood zone. According to FEMA, portions of the park due fall under a .2% chance of being an annual flood hazard.
Woodridge Mobile Home Park is being offered as a stabilized investment with a 9.75% CAP on current lot rent only using a 36% expense ratio plus consideration for the park owned homes. There is an additional $106,500 in POH rental income not included in the CAP rate. This is a turn-key park with
management willing to stay in place for a 5% management fee. Full-time maintenance worker lives in Unit #1 and compensated by free rent for all labor done monthly, including lawn maintenance. Owner only pays for supply costs. We are asking investors for shell value only on the 35 POH of $8,649 each,
well below replacement cost. We are looking for offers at or above $985,000 for the entire park including the POH, however local recourse bank debt should be available for this deal.
This offering also includes the Option to purchase a 63 unit self-storage facility residing on 2.72 acres right next to Woodridge MHP. There is an adjoining parcel of 2.9 acres, zoned commercial, that will be included as well. Future expansion of 100+ storage units could be built on this land. All units are
currently below market rents and leaves plenty of upside for rental increases. A recently updated office building features a 550 sq ft office that was rented seasonally in 2018 for $550 per month. This location also features full U-Haul services to customers that help facilitate traffic to the storage business. Gross
annualized rents are over $55,000, excluding any office rental income. The additional acreage, office building, and self- storage facility are being offered for $540,000. In total, the seller would consider selling all three parcels for $1,525,000.

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Park Information

Community Type: All Age
Number of MH Lots: 35
Total Occupancy: 100.0 %
Average MH Lot Rent: $250
Size: 25.8 acre(s)

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 35
Average Rent for Park-owned Homes: $260

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