Contact Information

Mobile Home Park Details

  • Price: $430,000
  • Cap Rate: 8.3%
  • Property ID: 1422622
  • Posted On: Apr 14, 2021
  • Updated On: May 3, 2021

Property Description

Property Agent: Craig Nielson & Christian Diepholz
Call : +1 678-932-0200

The MHP Broker is pleased to present the opportunity to buy this very desirable 21-pad mobile home park (MHP) located in Carthage, NC. This unique opportunity not only provides upside potential, but it offers additional acreage, which allows room for expansion.
Carthage Mobile Home Park is strategically located off of Highway 215, and just minutes away from the resort towns of Southern Pines and Pine Hurst, NC -- which are famously known for their golf communities. Other notable areas that are within an hour commute of Carthage Mobile Home Park are the Research Triangle Park, Raleigh-Durham, as well as several esteemed colleges and university such as NC State, Duke University, and Chapel Hill. Major employers includes Atex Technologies, Inc, Reliance Packaging and others.
Lot rents are below market rate at $250 per pad, easily allowing future ownership to increase value and income. The current owners have stabilized the park by rehabbing and selling all but two of the park owned homes (POH). The community features 16 fully-leased pads, 2 vacant POHs (which need rehab), and 3 vacant pads, on a total of 5.4 acres. An additional 1.84 acre parcel zoned for mobile homes is included in this sale and will allow the future owner room for expansion.
The park utilizes city water and trash services, which are directly billed to tenants along with electricity. Newly installed streetlights line the well-maintained paved road. This park is being offered as a stabilized investment with an 8.28% CAP Rate on lot rent only. We are asking our investors to submit offers at, or above, $430,000.

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Park Information

Number of MH Lots: 21
Total Occupancy: 76.0 %
Average MH Lot Rent: $250
Size: 5 acre(s)

Utility Information

Water: City
Sewer: Septic

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