https://estersonmhcteam.​com/property/high-meadows-mhc

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

High Meadows MHC consists of 71 MH Lots, 1 single family home, and a 3 bay garage with 36 tenant owned homes (TOH), 14 rented parked owned homes (POH), 3 rent to own homes (RTO), 1 vacant POH, 4 abandoned homes, and 13 vacant lots.​ 1 RTO matures in January, 2022, and 2 RTO’s mature in early 2024.​ Average rents are $288 lot rent, $286 home rent, and $283 RTO payment.​ The park is NOT in a flood zone or opportunity zone.​ The property is serviced by public water that’s billed back to tenants via submeters, a waste water treatment plant (WWTP) that is billed back to tenants at a flat rate, and direct billed electricity.​ Propane is also directly billed to tenants.​ The WWTP was replaced 15 years ago.​ There is additional income from separate residential properties using the WWTP and being billed.​ Trash service is provided by 4 dumpsters, paid for by the park and included in rent.​ The roads are paved but in below average condition.​ The pricing represents a 6.49% cap rate using lot rent income on actuals, using a 51.1% expense ratio.​ We are asking investors to submit offers at or above $1,650,000.​ This community should qualify for conventional recourse bank financing from a local bank.​ By increasing rent $32 and increasing occupancy by 6.9%, an investors cash on cash return increases to 19.19%.​ Our underwriting suggests that once the park is 100% occupied and at $350 lot rents, an investor can exit at a 7% cap rate for $3,281,000.