Contact Information

Mobile Home Park Details

  • Price: $1,695,000
  • Cap Rate: 6.0%
  • Property ID: 1511146
  • Posted On: Sep 7, 2021
  • Updated On: Sep 14, 2021

Property Description

31-site, all-age manufactured home community in the Burlington, NC area. City water and sewer that is sub metered and reimbursed by the tenants. 18 park-owned rental homes included. Great location in fast-growing area not far from Elon University. Strong demand for affordable housing and strong occupancy history. Recent capital improvements include new mailboxes, roads seal-coated throughout, and homes repairs.

Location

Just seven minutes west of Elon University in Whitsett in the Burlington, NC area. High-growth area with new commercial, retail and residential developments along Burlington Road (SR-70). Located along the I-40 corridor between the Raleigh/Durham and Greensboro MSAs, offering easy access to both.

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Park Information

Community Type: All Age
Number of MH Lots: 31
Total Occupancy: 97.0 %
Average MH Lot Rent: $376
Size: 5 acre(s)

Financial Information (Pro Forma)

Gross Income $150,393
Operating Expense $48,490
Net Operating Income $101,903
Expense Ratio 32.2 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 18

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