Contact Information

Mobile Home Park Details

  • Price: $4,100,000
  • Cap Rate: 13.8%
  • Property ID: 1531716
  • Posted On: Oct 7, 2021
  • Updated On: Nov 17, 2021

Property Description

https://estersonmhcteam.​com/property/spring-lake-mhc

Contact Dylan Hellberg for more information

Well located, 195 lot manufactured home community with immense upside in infill and lot rent.​ Spring Lake MHC is a heavy value add opportunity that consists of 195 active MH Lots with 72 tenant owned homes, 4 vacant park owned homes, 1 abandoned home, and 118 vacant lots.​ The average lot rental rate is $200 per month.​

The park is a year-round, all-ages community that is serviced by public water and sewer that’s billed directly to tenants.​ Electricity is also billed directly to tenants.​ Trash is serviced by curbside bins and included in the rent.​ Beginning November 1st, 2021, the park will be charged a bulk rate per tenant for cable and the expense will be passed through to the tenants.​ The 4 vacant park owned homes are brand new singlewides.​ The 1 abandoned home is an older model and may or may not be salvageable.​ The roads are paved and in average condition as our offer price suggests.​

We are asking that investors submit offers at or above $4,100,000.​ We are requesting CASH offers, but based on the quality, location, and metrics of the deal, the property should qualify for bridge loan products.​

Location

Fayetteville NC MSA, Population: 529,252 (+8%)

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Park Information

Community Type: All Age
Number of MH Lots: 195
Total Occupancy: 36.9 %
Average MH Lot Rent: $200
Size: 48 acre(s)

Financial Information (Pro Forma)

Gross Income $920,321
Operating Expense $369,244
Net Operating Income $551,077
Expense Ratio 40.1 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 4

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