Mobile Home Park Details

  • Property ID: 1574349
  • Posted On: Dec 14, 2021
  • Updated On: Oct 12, 2022

Property Description

https://estersonmhcteam.​com/property/greenwood-mhp

Contact Parker Kelly for more information parker.​kelly@marcusmillichap.​com

Stabilized Park and Tenant Base

The Esterson MHC Team is pleased to present Greenwood MHP, a 57 Lot, manufactured home community.​ This stable asset has upside opportunities in a fast-growing city & MSA .​ The community sits just 1 mile from the center of Downtown LaGrange, with access to all that the city has to offer and its just one hour south of the Atlanta International Airport.​ Currently there are massive residential developments happening all around the park.​

This community has 56 active MH lots plus an additional single-family house for a total of 57 units.​ The park consists of all tenant owned homes that currently pay a lot rent of $325 per month, which is below current market rent.

Greenwood MHP is a quality, clean, stabilized asset with tenants that are directly billed from the municipality for public water, sewer, trash and electric utility systems.​ All systems are in good working order.​ There are 0 park owned homes and 0 Rent- To-Own unit, all units are tenant owned.​ The privately maintained roads have just been re-paved as of December 2021 and are in excellent, new condition as our offering price and capital expenditure schedule reflect.​ There is currently a 3rd party local management group that the owner has used for the last 5 years that would stay on for the next operator.​ The current owner has been able to run and manage this park from California, where he lives, with the help of this local management company.​

The park is located in an excellent location near amenities and employment centers.​ Greenwood is not affected by a flood zone, but is in an opportunity zone.​ LaGrange, GA MSA has grown 5.8% since the end of 2019 and now has over 100,000 people.​ The state’s population has grown 7.8% from the end of 2019 and now has almost 11 million residents (8th most populated state).​

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Park Information

Community Type: All Age
Number of MH Lots: 56
Total Occupancy: 100.0 %
Size: 9 acre(s)

Financial Information (Actual)

Gross Income $222,453
Debt Info

Utility Information

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

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