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Mobile Home Park Details

  • Price: $1,600,000
  • Property ID: 1142487
  • Posted On: Oct 8, 2019
  • Updated On: Nov 21, 2019

Property Description

The MHP Broker brings to you the sale of Grove Estates MHP which resides on the outskirts of Warner Robins, GA, which is a well-populated MSA that offers great rental demand for affordable housing. The park features 89 total pads on a 17.4 acre parcel.
Grove Estates is a tremendous value-add opportunity. Of the 89 pads, there are currently 16 lot renters, 19 rent-to-own homes (RTO), and 5 park-owned homes (POH) tenants, and the park is in great shape. In the last 14 months, ownership has spent over $300,000 on newly paved roads, lighting, mobile home renovations, new HVAC systems, as well as new fencing and security around the perimeter. The culture of the community has positively changed and 20 new residents have moved into the park in the last six months. There is currently a waiting list for new applicants, and ownership is committed to delivering this asset at closing with 50 total tenants, as our pricing and rent roll reflects.
This park utilizes well water and septic, all in good working order. A dumpster is used for trash and paid by the park. Currently, the park is professionally managed with good books and records. Upside exists in filling vacancies on the remaining vacant POH and 11 vacant lots. There is 1 park-owned home used for storage and another for the office.
We are offering the community at an 8% CAP on lot rent only. Now is a great opportunity to own an improved asset with great leasing momentum. We are asking investors to submit offers at, or above, $1,600,000 for the entire park, including the POH and RTO notes. The potential of this park, using an 80% occupancy and $275 lot rent value, is $2.4M, considering the POH value and 8% CAP on lot rent.

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Park Information

Community Type: All Age
Number of MH Lots: 89
Total Occupancy: 67.0 %
Average MH Lot Rent: $250
Size: 17.4 acre(s)

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $219

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