Contact Information

Mobile Home Park Details

  • Price: $450,000
  • Cap Rate: 5.9%
  • Property ID: 1313194
  • Posted On: Aug 26, 2020
  • Updated On: Sep 10, 2020

Property Description

https://estersonmhcteam.​com/property/hickory-estates-green-mountain-mhc

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

Hickory Estates consists of 14 lots with all tenant owned homes (TOH) with below market lot rents of $150.​​ Green Mountain View has 9 lots with 8 TOH’s on $225 lot rent and 1 rent to own (RTO) that matures in March 2021.​​ These parks are NOT in a flood zone.​​ Green Mountain View is in an opportunity zone while Hickory Estates is not.​​

Both parks are on public water/sewer/electric that’s directly billed to tenants.​​ Trash service is provided by a dumpster and is included in rent at Hickory Estates.​​ At Green Mountain View, trash is curbside pick-up and is direct billed to the tenant.​​ The roads at both parks are gravel and in average condition.​​ The park owner mows common and vacant areas.​​

The parks cannot be sold separately.​​ The pricing represents a 5.94% cap rate using lot rent income on actuals, using a 46% expense ratio.​​ We are asking that investors submit offers at or above $450,000.​​ These communities should qualify for conventional recourse bank financing from a local bank.​​ By increasing rent $25 (which can be implemented immediately), an investors cash on cash return jumps to 9.53%.​​ Our pro-forma suggest that upon exit the new owner should achieve a sale price of $765k at a 7% cap rate using a $300 lot rent.​​

Location

Hickory & Taylorsville, NC

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Park Information

Number of MH Lots: 23
Total Occupancy: 100.0 %
Size: 5 acre(s)

Financial Information (Actual)

Net Operating Income $26,740
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1

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