Contact Information

Mobile Home Park Details

  • Price: $800,000
  • Cap Rate: 4.3%
  • Property ID: 1547533
  • Posted On: Nov 11, 2021
  • Updated On: Mar 11, 2022

Property Description

https://estersonmhcteam.​com/property/pineview-circle-mhp-2

Contact Ryan Brands for more information Ryan.Brands@marcusmillichap.​com

Located in an opportunity zone, approximately 50 miles east of downtown Charlotte NC in Wadesboro.​ Pineview Circle MHP is an all-ages manufactured home community with achievable upside through infilling lots and raising rents to market.​

This community consists of 34 mobile home lots with mostly land lease tenants.​ There are 26 tenants, 20 tenant owned homes, 6 park owned homes, 8 vacant lots.​ The average lot rent is $199 per month which is about $50 below market.​ The average POH rent is $655 per month including the lot rent.​

The park is currently at 76% occupancy.​ Pineview Circle MHP has directly billed public water and private sewer on 1 to 1 septic.​ Electric is directly billed to tenants.​ Trash is provided by a dumpster.​ Trash and sewer are included in rent.​ Roads are gravel and in good condition and regularly maintained twice a year by the seller.​ The park owned homes are 90s models with extensive remodeling.​ The park is not located in a flood zone.​ Additionally, there are also 4 extra lots on the property that could be added to the total lot count after the septic tanks are located underground.​ These 4 lots were not calculated in our pricing.​

We are asking that investors submit offers at or above $800,000 which represents a 4.3% cap rate on current lot rental income only with a proforma caprate of 12.6%.​ We have indications that this mobile home park should qualify for community bank financing at 65% loan to value, 4.25% interest, 25 year amortization, and a 5 year term.​

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

Park Information

Number of MH Lots: 34
Total Occupancy: 76.5 %
Average MH Lot Rent: $200
Size: 22 acre(s)

Financial Information (Actual)

Gross Income $61,657
Net Operating Income $30,444
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 6
Average Rent for Park-owned Homes: $457

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