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Mobile Home Park Details

  • Price: $1,650,000
  • Cap Rate: 9.1%
  • Property ID: 1117217
  • Posted On: Aug 7, 2019
  • Updated On: Nov 13, 2019

Property Description

BARTOW COUNTY, GA (ATLANTA MSA) - This two park portfolio features a total of 65 pads, sprawling across 44.8 acres. Combined, the parks feature 54 park-owned homes (POH) and 4 lot renters. Due to this portfolio’s rural, but close
proximity to Metro Atlanta, the demand for housing is strong, resulting in a current occupancy rate of 89% among both parks. Furthermore, this great location allows for convenient access to popular attractions such as downtown Cartersville, Interstate-75, and the newly constructed Lake Point Sports Facility, which are all within about 10 miles of the portfolio.

Eagle View Mobile Home Park (MHP) is a 27-lot POH community in Euharlee, GA which is well-located near the central town area. This park uses county water and 1:1 septic, which is in good working order. County sewer is available at the street if there is an interest by the buyer. While the POH are mostly 1970-1980's homes, nearly all the homes in the last three years have been renovated to some degree. The roads throughout the community are paved and in average condition, and the park does not sit in a flood zone.

Valley View MHP in Taylorsville, GA features a beautiful rural setting with 38 lots spread over a vast 35.45 acres area. Of these 35.45 acres, 18 acres are currently undeveloped, and could be used to expand the park. Overall, this park has 26 POH and 4 lot renters, each paying $300 per month. The park features a mix of 1980-1990's models that are in average condition. Currently, county water supplies the park and is read from a master meter, and a water fee is charged monthly in addition to rent. Regarding the sewer, 1:1 septic tanks are in place. The roads throughout this community are gravel, and a small portion of the parcel falls into ‘Zone X’ according to FEMA, but flood insurance is not required.

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Park Information

Number of MH Lots: 65
Average MH Lot Rent: $300
Size: 44.8 acre(s)

Financial Information

Gross Income $211,812
Operating Expense $62,464
Net Operating Income $149,348
Expense Ratio 29.5 %
Debt Info

Lot Information

Singlewide Lots: 40
Doublewide Lots: 11
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 33
Average Rent for Park-owned Homes: $300

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