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Mobile Home Park Details

  • Price: $399,000
  • Cap Rate: 21.9%
  • Property ID: 1188345
  • Posted On: Feb 6, 2020
  • Updated On: Feb 6, 2020

Property Description

This park is a heavy value-add with a major infill component. The vacant lots have infrastructure in place (city water, individual septic’s for each lot, and direct billed public electric) and are ready for homes.
The park has 97 lots with 18 lot rent only tenants paying a lot rental rate of $170 per month. Lot rent is below the market rate of $230-$275. There are 79 vacant lots and current occupancy is 19%.
Treeside Mobile Home Community is a year-round, all-ages community and has city water that is billed back to the tenants. The community uses a 1:1 septic system with the exception of 6 lots, and the landlord is responsible for all septic repairs and maintenance. There are 0 park owned homes. The privately maintained roads are gravel and in good condition. The park is NOT in a flood zone.
The park is being offered as a heavy value-add investment with significant infill opportunity and below market lot rents. We are seeking cash offers as financing will not likely be available, for the exception of hard money.

Location

Located 5 minutes outside of downtown
Williamston, NC, this park sits 35
minutes from Greenville NC and 2 hours
from Virginia Beach VA.

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Park Information

Community Type: All Age
Number of MH Lots: 97
Year Built: 1996

Utility Information

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

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