Property Description

THEMHPBROKER brings to you the sale of Mobile City Mobile Home Park (MHP) which resides on 9.87 acres, and is located less than 20 mins outside Augusta, GA in the city of Grovetown, GA. This quiet, well-maintained park has a strong rental demand with high occupancy year-round. The park features 29 mobile home pads, with one being used to service 2 RV sites. Of the 29 mobile home pads, all but one is currently occupied.
Mobile City MHP is entirely a park-owned home (POH) community, with a mix of some 1970 through 1990's homes that are in good overall condition. The seller has applied 50-year roof silicon coating to nearly half of the homes. Both the duplex and single-family home are in average condition, and currently occupied. The park utilizes well water, and this redone less than two years ago. Well does require monthly and annual testing per the state requirements. There are 10 to 11 septic tanks throughout the park which have had no issues to the seller. A drain field was overhauled in April of 2019. Currently the park is self-managed with one full-time maintenance person who resides in the park.
Mobile City MHP is a turn-key opportunity, offering investors a strong cash flow and double-digit return on total income. We are offering the community at a 9.10% CAP rate on lot rent only. All expenses in, we are valuing the park using a 50.04% expense ratio. The Seller maintains good books and records, and all titles to the homes are accounted for. The seller ultimately wants to be cashed-out, but will entertain seller financing with 30% down, a 5-year balloon, at 6% interest. We are asking investors to submit offers at, or above, $850,000 for the entire park, including the POH's and other real property.