Mobile Home Park Details
- Cap Rate: 6.1% (Pro Forma)
- Listing ID: 1441614
- Posted On: May 19, 2021
- Updated On: Oct 25, 2021
Description
Marcus & Millichap is pleased to present the opportunity to acquire Church Street MHP and Misty Creek MHP located in Stoneville, North Carolina. The communities contain a total of 87 sites that are 92 percent occupied. Church Street and Misty Creek are all age communities located within 2.7 miles of one another. Church Street is serviced by public water and sewer that is sub-metered, while Misty Creek has public water that is sub-metered and
private sewer (septic).
With the communities located within 2.7 miles of one another, a new investor can continue to benefit from management and maintenance consolidation moving forward. Additionally, new ownership will be positioned to grow value through increasing occupancy.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 87 |
| Total Occupancy: | 92.0 % |
| Average MH Lot Rent: | $247 |
Financial Information (Pro Forma)
| Gross Income: | $260,079 |
| Operating Expense: | $114,273 |
| Net Operating Income: | $145,806 |
| Expense Ratio: | 43.9 % |
Lot Information
| Singlewide Lots: | 87 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |