https://estersonmhcteam.​com/property/north-raeford-mhc

Please contact Dylan Hellberg for more information (843) 469-0347 dylan.​hellberg@marcusmillichap.​com

Heavy value add opportunity with achievable upside in occupancy and rent, located in a rapidly growing community 35 min from downtown Fayetteville, NC.​

North Raeford MHC consists of 75 MH lots with 31 tenant owned homes (TOH), 13 rent to own homes (RTO), 1 vacant POH, 2 abandoned homes, and 29 vacant lots.​ *1 abandoned home is on a lot that is not usable and is not part of the 75-lot count.​ The average lot rent in the park is $195 and the average RTO payment above lot rent is $222.​ The rent to own units are an average vintage of mid to late 80’s and generally in below average shape.​

The park is serviced by public water that’s billed directly to tenants, a 2:1 septic system, and public electricity that is billed directly to tenants.​ Trash is serviced by curbside bins and paid for by the park.​ The roads are dirt and in average condition.​

The pricing represents a 4.31% CAP rate using lot rent income only at a 52.8% expense ratio.​ We are asking investors to submit CASH offers at or above $1,150,000.​ We do not expect this park to qualify for conventional financing.​ At $300 market lot rent and full occupancy, an investor can exit this property at a 6.25% CAP rate for $2,695,000.​