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Mobile Home Park Details

  • Price: $2,295,000
  • Cap Rate: 7.4%
  • Property ID: 1362727
  • Posted On: Dec 1, 2020
  • Updated On: Mar 2, 2021

Property Description

The MHP Broker is pleased to present the opportunity to purchase this manufactured home community portfolio consisting of 3 well-maintained parks. Two of the mobile home park communities are located within close proximity to thriving Mobile, Alabama. The parks benefit from the Gulf Shores economic incentives and high demand for affordable housing. The third community, located in Dallas, GA, is less than an hour commute (35.4 miles) to downtown Atlanta. In recent years, Dallas has seen tremendous growth in new home construction and steady increase in real estate prices. The park resides within the Paulding County school district and is well sought after for their stellar education.
Combined, these three small to mid-size parks offer 73 permitted pads, consisting of 6 stick-built homes, 33 park owned homes (POH), 21 tenant owned homes (TOH), 13 vacant pads, and 4 unpermitted lots. Current pad rents are below market rates allowing the new owner the opportunity to increase rents. This stabilized investment offers strong and stable income with over $167,000/year in pad rent alone. All three of the parks are currently managed by the Seller, with tenants overseeing day-to-day requests.
We are offering this 3-park portfolio at a 7.38% CAP rate on lot rent only. The seller has maintained good books and records with all titles in hand for the POH's. The price per lot is $31,438 and includes full infrastructure for each lot. We are asking our investors to submit offers at, or above, $2,295,000 for the entire portfolio, including 33 park owned homes and 5 single-family residential dwellings. Additional information available upon request

Location

ALABAMA - GEORGIA -
The MHP Broker is pleased to present the opportunity to purchase this manufactured home community portfolio consisting of 3 well-maintained parks. Two of the mobile home park communities are located within close proximity to thriving Mobile, Alabama. The parks benefit from the Gulf Shores economic incentives and high demand for affordable housing. The third community, located in Dallas, GA, is less than an hour commute (35.4 miles) to downtown Atlanta. In recent years, Dallas has seen tremendous growth in new home construction and steady increase in real estate prices. The park resides within the Paulding County school district and is well sought after for their stellar education.

Combined, these three small to mid-size parks offer 73 permitted pads, consisting of 6 stick-built homes, 33 park owned homes (POH), 21 tenant owned homes (TOH), 13 vacant pads, and 4 unpermitted lots. Current pad rents are below market rates allowing the new owner the opportunity to increase rents. This stabilized investment offers strong and stable income with over $167,000/year in pad rent alone. All three of the parks are currently managed by the Seller, with tenants overseeing day-to-day requests.

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Park Information

Number of MH Lots: 73
Average MH Lot Rent: $362
Size: 20 acre(s)

Financial Information

Gross Income $167,640
Operating Expense $46,628
Net Operating Income $113,961
Expense Ratio 27.8 %
Debt Info

Utility Information

Water: City
Sewer: Septic

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