Contact Information

Mobile Home Park Details

  • Price: $4,900,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Property ID: 1279813
  • Posted On: Jun 29, 2020
  • Updated On: Jul 8, 2020

Property Description

*Listing Broker: Jennifer Stein, JDS Real Estate Services Inc.*

Link to Offering Memorandum:
https://drive.google.com/file/d/1FSPYA8AJjvA-Ej34-3OUcsyL3SrCbJbI/view?usp=sharing

This is the unique opportunity to purchase a 113 Space Mobile Home Park with 2, individually parceled stick built homes, a large work shop, and great rental upside!
Current Lot Rents are at $260/mo with a $20 on time payment discount. Lot Rents Comp as high as $380 in the area!

Located only a few minutes from the beach, a golf course, and with great access to the route NC-24 this property is set up for its next owner to bring the lot rents up to market and stabilize this asset to maintain as an institutional size and quality asset.

Totaling in just under 46 Acres, Dutch Treat Mobile Home Park consists of 113 total lots, 1x 5bdr house, 1x 3bdr house, and a large work shop. Each home is individually metered for, and has Water & Electric direct billed to the tenant. Trash and septic maintenance included in Lot Rent.

25 Lots are on a low pressure pump system with 3 pumps, the remainder are on individual septic tanks, these are and have been maintained by the property owner.

Ability to add additional spaces on Land in center of park; Carteret County mandates homes in this area that are on septic require a minimum lot size of 10,000 sqft. City Sewer Hook Up is about 1 mile away (please verify), if City Sewer were brought in, minimum lot size decreases to 7,000 sqft, increasing density by 30% and allowing for 161 homes on current foot print.

This community was built and has since been operated by the current owner in 1982. Stick built homes have additional market rental value of $2000+/mo each.

Property Taxes recently assessed for 2020 and will maintain consistent until next assessment in 2024.

With attention from a focused operator, this property has significant upside, renting the two homes, and bringing the lot rents to market will further increase value, making this a great mid to long term hold!

Investment Highlights
-- Lot Rents $120.00/space/month Under Market Comp
-- Seller Finance Available
-- All Utilities (except trash) Direct Billed to Tenant
-- Ability to Add Additional Spaces
-- 2 Stick Built Homes Rentable for an Additional $40-50,000.00 Annual
-- Seller Built Community

Location

Part of Carteret County, North Carolina, Dutch Treat Mobile Home • Park is located in Newport. Dutch Treat is located just 28 miles
south of Costal Carolina Regional Airport (EWN), serviced by both Delta and American Airlines, as well as 50 miles South East of Jacksonville's Regional OAJ Airport serviced by Delta and American Airlines.
Newport is a close-knit community that maintains it small town charm with a population of about 4,500 residents. Many of the residents are military families connected to the Cherry Point Marine Corps Air Station just 7 miles away in Havelock. Since Newport is a mere 5 mile drive to Morehead City along Highway 70, it is an attractive destination for those wanting seeking a family friendly community and easy driving distance to the beach.
Dutch Treat MHP (940 NC-24, Newport, NC 28570) is located right off NC-24, within short 4 minute driving distance to a Walmart Supercenter, Starbucks Coffee Shop, Lowes Hardware Store, Best buy, Lidl Grocery, Food Lion Grocery, and many bars, restaurants and chain restaurants and stores!
Newport is a great town directly on the coast, with many golf courses, marinas and desirable amenities close by. Dutch Treat provides tenants easy access to beautiful beaches and family friendly beach towns like Atlantic Beach, and Emerald Isle, with a short 10 minute drive over the bridge!

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 113
Total Occupancy: 95.0 %
Year Built: 1983
Average MH Lot Rent: $260
Size: 46 acre(s)

Financial Information (Actual)

Gross Income $339,060
Operating Expense $118,198
Net Operating Income $220,862
Expense Ratio 34.9 %
Debt Info Seller Financing Available

Lot Information

Singlewide Lots: 113

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $350

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