Contact Information

Mobile Home Park Details

  • Price: $4,200,000
  • Purchase Method: New Loan
  • Property ID: 1089963
  • Posted on Jun 4, 2019

Property Description

Contact Broker for Detailed Offering Memorandum.

Greenfield Mobile Home Park and Self-Storage Facility is composed of 106 mobile home sites and 62 single story storage units with 32 vehicle parking spaces all built on 20.98 acres. The park was built in the 1970s and has a site density of approximately 8 mobile home sites per acre. There is a 408 Sqft manufactured home / office with a bathroom and basement at the entry to the park. The office is sutured on the 107th site. There is also a playground, basketball court and ample open grass area for recreation. Some recent real and personal property upgrades include a playground, dog park, sport court, a patch and seal on Center Street, 8 new trailer roofs and 9 repaired roofs with new shingles and sheet rock.

The park owned home portfolio consists of 70 homes that range in age from 1983 to 2009 i.e. 41 homes are of 1990’s vintage, 17 homes are 1980’s vintage and 9 homes are 2000 vintage. Most of the homes measure 14x52 to 14x80. There appear to be some double wide homes in the park owned home portfolio. The homes are 2 bedroom 1 bath, 2 bedroom 2 bath and 3 bedroom 2 bath and rent from $200 to $585 above the site rent of $300. The homes on sites 4 & 5 – Taylor, 2, 16, 27, 28, 30, 43, & 47 Simmons and 5 Central need to be refurbished in order to be rented.

Location

Greenfield Mobile Home Park and Self-Storage Facility is a 106-space mobile home park with a 62-unit self-storage facility with 32 vehicle outside storage sites situated on 20.98 acres in Havelock, North Carolina. The community is located in eastern North Carolina midway between historic New Berm and the beautiful beaches of the Crystal Coast. Havelock is the home of the Marine Corp Air Station Chevy Point, the 2nd Marine Aircraft Wing and the Fleet Readiness Center East.

The city has a population of 22,000 and is in Craven County. Havelocks main highway is US 70 which runs east to west through the center of town. New Berm, the Craven County seat is 19 miles to the northwest and Morehead City, gateway to the Crystal Coast beaches on the Atlantic coast is 17 miles to the southwest.

The community is located less than 2 miles from Highway 70, and about 3 miles to the center of town. There are currently 3 vacant lots and 5 vacant park owned homes, 3 of which are undergoing rehab. The vacant park owned homes are in the process of being renovated for lease up. The 37 site rents range from $290 to $310 and the park owned home rents range from $275 to $460 plus site rent of $300. There is a schedule of the park owned home inventory available in the package.

Greenfield Mobile Home Park and Self-Storage is being offered at $39,622 per space at a combined cap rate of 7.89%, which includes the revenue from the park owned home rentals. The expense load is at 54.88% of the gross operating income with an expense per site of $2,885. The expense underwriting includes off-site management $25,000 and reserves at $10,000. The 70 park owned homes are included in the purchase price free and clear of liens. Greenfield Mobile Home Park and Self-Storage offers the investor a realistic cash flow and the opportunity to increase the NOI through incubation of the vacant sites and lease up of the park owned homes.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 106
Total Occupancy: 90.0 %
Year Built: 1970
Average MH Lot Rent: $300
Size: 5.1 acre(s)

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 70
Average Rent for Park-owned Homes: $400

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