Contact Information

Nicholas Gardner

East Coast Housing, Inc.

Mobile Home Park Details

  • Price: $525,000
  • Purchase Method: Cash
  • Cap Rate: 10.0%
  • Property ID: 1376769
  • Posted On: Jan 8, 2021
  • Updated On: Jan 8, 2021

Property Description

Deerfield Village is a manufactured housing community located in Lumberton, North Carolina. The property consists of 43 sites, and utilizes county water and septic, and trash pickup with individual roll out containers for each unit. Seller has recently sold and demoed 16 homes in the community, cleaning up landscaping, evicted non-paying tenants, and put new leases in place with increased rents for existing tenants. The community is a value add opportunity with vacant lots and existing cash flow in place. Potential buyers are encouraged to visit the community. P&L statements are not yet available as sellers have only owned the park less than 120 days. No debt is held on the property. All offers or LOIs should be accompanied with proof of funds or approved financing. Sellers will not entertain owner financing at this time.

Property Summary
Offering
Property: Deerfield Village Manufactured Housing Community
Property Address: 892 Rice Road, Lumberton, NC
TOH Lot Rent: $225
Average POH Rent: $500

Site Description
Number of spaces: 43
Number of POH: 12
Number of TOH: 8
Vacant Sites: 23
Lot Size: 12.23

Utilities
Water & Trash Pickup: Paid by Landlord
Electric: Paid by Tenant

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Park Information

Community Type: All Age
Number of MH Lots: 43
Total Occupancy: 50.0 %
Average MH Lot Rent: $500

Financial Information

Gross Income $7,120
Operating Expense $2,500
Net Operating Income $4,620
Expense Ratio 35.1 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

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