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Mobile Home Park Details

  • Price: $850,000
  • Cap Rate: 9.1%
  • Property ID: 1147724
  • Posted On: Oct 24, 2019
  • Updated On: May 21, 2020

Property Description

COLUMBIA COUNTY, GA - Mobile City MHP resides less than 20 minutes outside Augusta, GA in the city of Grovetown. 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 two RV sites. There are also a single-family home and duplex within the park. The total parcel size is 9.64 acres. Mobile City is a turn-key opportunity, offering investors a strong cash flow and double-digit returns on total income. Of the 29 mobile home pads, all but one home is currently occupied and is currently undergoing renovations, and there is one vacant RV site as well. This is entirely a park-owned home (POH) community, with mostly 1980's and 1990's homes that are in good overall condition. Over the last two years, the seller has applied 50-year silicone roof coating to over half of the homes. Additionally, both the duplex and single-family homes are in average condition and currently occupied. The park utilizes well water, of which was 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, and they have provided 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 residing in the park. This park is well run, and the seller receives calls weekly from prospective tenants. Rents are under market, and can easily be raised $15-$25 across the board.

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Park Information

Number of MH Lots: 31
Total Occupancy: 97.0 %
Average MH Lot Rent: $250
Size: 10 acre(s)

RV Information

Number of RV Lots: 2

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 29
Average Rent for Park-owned Homes: $246

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