Contact Information

Mobile Home Park Details

  • Price: $2,700,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.4%
  • Property ID: 1397548
  • Posted On: Feb 23, 2021
  • Updated On: Mar 29, 2021

Property Description

Learn More: https://estersonmhcteam.com/property/cleveland-ga-mhc
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Cleveland GA MHP is a stabilized park owned home community located in Cleveland, GA, about 80 miles North of the center of Atlanta. North Atlanta is rapidly expanding, and the development is constantly moving further North.

Cleveland GA MHP consists of 60 mobile home lots. There are currently 55 occupied park owned homes at an average rent of $700. There are 2 vacant homes, and 3 vacant lots. 17 out of the 55 rented park owned homes are doublewides and the average age for the POH inventory is 1994. This park is not in a flood zone or an opportunity zone.

The property is serviced by a private well and 1:1 septic tanks that are paid for by the park. Trash service is provided by dumpsters that is included in the rent. Electric and gas are direct billed. The roads are gravel and in average condition. Ownership has been provided a paving quote if the new buyer plans to pave.

At $2,700,000 the pricing represents a 6.84% cap rate using lot rent income only of $330 per lot and using a 37.3% expense ratio. We are asking investors to submit offers at or above the $2,700,000. Using all income and all expenses provides a 10.38% cap rate and a 13.38% cash on cash return. By achieving 100% occupancy with $390 pro forma rents this property would be worth around $3,600,000. This park should qualify for recourse community bank financing with debt terms of 65% LTV, 5% interest rate and a 25-year amortization.

Location

Atlanta GA CMSA
80+/- miles from downtown Atlanta GA
White County GA
Population: 28,509 | +7.6% since 2010
Unemployment Rate: 2.8%
Median Income: $40,547
Median Home Price: $182,500

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Park Information

Community Type: All Age
Number of MH Lots: 60
Total Occupancy: 91.7 %
Average MH Lot Rent: $330
Size: 38 acre(s)

Financial Information (Actual)

Gross Income $457,543
Operating Expense $177,209
Net Operating Income $280,334
Expense Ratio 38.7 %
Debt Info Recourse, Community Bank, 65% LTV, 5% IR, 25Y AM

Lot Information

Singlewide Lots: 43
Doublewide Lots: 17
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 57
Average Rent for Park-owned Homes: $699

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