Contact Information

Mobile Home Park Details

  • Price: $950,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1178369
  • Posted On: Jan 10, 2020
  • Updated On: Jan 13, 2020

Property Description

Three Mobile Home Parks Opportunity. Sterling Way Mobile Home Parks in Albany, GA is a unique investment opportunity with steady turn-key income in place. 56 units are setup to pay monthly lot rent. 52 units are occupied, 43 are park owned (POH) and 7 are tenant owned. There is tremendous upside to fill the rest of the 77 spaces and increase under market lot rents. Super clean ±16 acres. Tenants billed city water, sewer, trash, and lawn. Currently at 35% operating expense for net operating income of +$141,000.00. . Stabilized 15.36% cap rate is a rare find in a location with so much upside and value-add potential!

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Park Information

Number of MH Lots: 77
Year Built: 1968
Average MH Lot Rent: $150
Size: 16.0 acre(s)

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 43

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