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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.