Contact Information

Mobile Home Park Details

  • Price: $550,000
  • Property ID: 1452713
  • Posted On: Jun 4, 2021
  • Updated On: Jun 4, 2021

Property Description

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

MURPHY, NC - The MHP Broker is pleased to offer the sale of Murphy Mobile Home Community (MHC) in Murphy, North Carolina. Strategically located in a peaceful Appalachian mountain setting, this property is just minutes away from downtown Murphy and its amenities, 100 miles west of Asheville, NC, and 125 miles northeast of Atlanta, GA.

This stabilized park contains 24 lots, consisting of 11 tenant-owned homes (TOH), 6 rent-to-own homes (RTO's), 3 occupied park-owned homes (POH's), 1 vacant park owned homes (Vacant POH), as well as 2 vacant lots, and 1 single family home. The 11 lot-rent-only tenants are paying between $200 and $350 per month for lot rent.

Murphy MHC utilizes one well and uses a shared septic system averaging 2-1. The trash is included in the rents and the electricity is directly billed to tenants. The privately maintained roads are paved and in average condition, as our offering price suggests, but some repairs may be needed.

Considering the overall condition of the park, this manufactured home community is being offered as a stabilized investment with roughly an 9% CAP on current lot rent only, using a 35.82% expense ratio, plus consideration for the park-owned homes.

This stabilized investment offers superior returns with the gross annualized income of $54,000 off pad rents alone, plus additional $7,860 of revenue generated off of the POH rents and another $121,100 of value off the RTO note balances that are not included in the CAP rate. We are asking investors for shell value only on the 4 POH (3 occupied & 1 vacant) of $5,000 each, which is well below replacement cost.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 24
Total Occupancy: 87.5 %
Average MH Lot Rent: $234
Size: 8 acre(s)

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 3
Average Rent for Park-owned Homes: $450

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