Mobile Home Park Details

  • Cap Rate: 8.2%
  • Property ID: 1390612
  • Posted On: Feb 8, 2021
  • Updated On: Mar 31, 2021

Property Description

This investment consists of 29 rentable units and a potential expansion area for up to 10 additional lots. There are 7 park owned homes, 19 rent to own tenants, and 3 singe family houses. Average rents are $315 lot rent, $227 POH rent, and $716 for the single family homes. This park is NOT in a flood zone or opportunity zone. The potential expansion area consists of 8-10 vacant lots that were once permitted in the two parks that are no longer in use. These pads could be potential upside if you worked with the municipality to bring in the acceptable homes under the new zoning code. The Blue Ridge Acres property is serviced by public water and sewer that is included in rent. Mountainview MHP is serviced by public water & sewer that is included in rent. Trash service is provided by dumpsters and is also included in the rent. Finally, electricity, cable and gas are direct billed to the tenants. The roads are paved and in average shape.

The pricing represents a 8.18% cap rate using only the lot rent portion of the tenants rent and using a 49.2% expense ratio. Using all income steams the parks have a 10.48% gross cap rate. We are asking investors to submit offers at or above $950,000. There is currently a local bank who has the loan on these parks and is willing to work with the new buyer to provide a new term sheet. We have modeled the underwriting using a 5% interest rate, on a 20 year
am, and 70% LTV. A buyers individual quote may vary based on other buyer qualifications.


Blue Ridge Acres & Mountain View are stabilized, well located communities in Morganton, NC.

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Park Information

Number of MH Lots: 26
Total Occupancy: 89.7 %
Size: 8 acre(s)

Financial Information (Actual)

Net Operating Income $62,095
Debt Info

Utility Information

Water: City

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