Mobile Home Park Details

  • Cap Rate: 8.5%
  • Property ID: 1248359
  • Posted On: Apr 29, 2020
  • Updated On: Sep 23, 2020

Property Description

https://www.themhpexpert.com/property/cimarron-mhc

Contact the listing agent Dylan Hellberg for more information:
dylan.hellberg@marcusmillichap.com (843) 469-0347

Cimarron MHC has a total of 40 lots that consist of 3 lot rent only
tenants, 9 tenants on rent to own contracts, 13 rented POH’s, 9
vacant lots, and 6 vacant POH’s. 5 of the vacant POH’s will need
to be renovated or demolished. Lot rent is $195 and home rent
averages $386. There are 3 brand new Clayton homes, 2 of which
are on a rent to own contract with a roughly $45,000 balance
to the tenant. POH’s are an average vintage of 1993, with some
being renovated and in above average condition, some average,
and 5 in rough shape.
Cimarron MHC is on all public utilities, with tenants direct billed
for water, sewer, and electricity. Tenants also mow their lawns.
There is a flood zone in the back of the park which covers roughly
2 homes partially in the 100 year flood plain and 5 additional
homes in the zone of .2% annual chance flood hazard.

Location

Cimarron MHC is a 40 lot, value add investment located in a strong growing market, just 14 miles from downtown
Fayetteville. Spring Lake has seen a 7.8%
growth in population and has a median
home price of $115,500, with Harnett
County growing 18.1% to 129,000 people
and a median home price of $169,200.

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Park Information

Community Type: All Age
Number of MH Lots: 40
Size: 8 acre(s)

Financial Information (Actual)

Operating Expense $27,463
Net Operating Income $36,029
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 13
Average Rent for Park-owned Homes: $386

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