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Mobile Home Park Details

  • Price: $1,650,000
  • Property ID: 1054926
  • Posted on Apr 18, 2019

Property Description

Residing in the third largest city in Southwest Georgia, Regency Village is a 100 space mobile home park located on 15.5 acres. The park’s unit mix consists of 46 park owned homes (POH), 24 lot renters, and 29 vacant spaces. Of the 46 POH, 3 are vacant and in need of minor rehab. The average year age of the park owned homes is 1992.
Current occupancy is roughly 70%, with plenty of upside to bring in new or used
homes and drive increased revenue. Regency Village utilizes city water and sewer which is directly billed to the tenants by the city. The lines from the road to the meter are owned by the park which are PVC with no current or ongoing issues. The tenants also use the City of Moultrie for trash disposal and are billed directly for service. The privately maintained roads are paved and in great condition. The park is NOT in a flood zone.
Regency Village MHC is in the heart of Georgia Agri-business community. This
mobile home community has consistently housed sixty (60) H2A workers for a 16 week period every year at $50/per worker. In January 2019, a Brazilian company committed to investing $1 million and creating at least 80 new jobs in Moultrie, according to The Moultrie Observer. The local economy is growing and the housing demand is strong with the seller consistently receiving inbound calls on a weekly basis.
This park is being offered as a value-add opportunity. Lot rents have not been raised in 5+ years. Regency Village MHP is being offered on a 8.25% CAP on lot rents only. There is another $134,700 in POH income and an extra $48,000 from the H2A workers which is not capitalized. We are asking investors for shell value only on the 46 POH of $6,730 each, well below replacement cost. We are looking for cash offers, however, recourse bank debt should be available for this deal. The overall price per pad is $16,500.

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Park Information

Number of MH Lots: 100
Total Occupancy: 70.0 %
Average MH Lot Rent: $175
Size: 15.5 acre(s)

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 46
Average Rent for Park-owned Homes: $275

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