Contact Information

Mobile Home Park Details

  • Price: $1,550,000
  • Property ID: 1600237
  • Posted On: Feb 9, 2022
  • Updated On: May 6, 2022

Property Description

https://estersonmhcteam.​com/property/2-park-portfolio-eastern-nc

Contact Ryan Brands for more info ryan.​brands@marcusmillichap.​com

The Esterson MHC Team is pleased to present the 2 Park Portfolio in Eastern North Carolina.​ The portfolio consists of 88 units, 74 MH lots and 13 RV lots, with exceptional upside in infill and rents.​ The Jacksonville NC metro is the home to a host of military bases with an approximate 180,000 personnel and has seen 13.9% population growth since 2020.​ The communities are centered around high growth markets with limited affordable housing available making this an opportunity for faster turnover and infill.​

Located in the counties of Onslow and Lenoir, the Lenoir community is less than ten minutes from downtown Kinston and sits on US Highway 55.​ The current occupancy is 68.5%.​ The Scott Avenue MHP is less than a 10-minute drive from downtown Jacksonville and has an occupancy of 56.2%.​ The overall market can support significantly higher lot rents and occupancy based on limited affordable housing and rising apartment rents.​ This portfolio’s strong value-add potential lies in its 34 vacant units and average lot rent of $185.​

This portfolio is a tenant owned home majority with 54 occupied units and 34 vacant lots.​ There are 46 TOH with 2 POH and 1 RTO.​ Of the RV lots, there are 5 occupied and 8 vacant.​ Tenant owned home lot rents average $185, park owned home rents are $345, and RV rents in Lenoir MHC average $360.​ Tenants pay their own water and electricity, directly billed to them.​ Both communities include trash and sewer into rents.​ Lenoir MHC has curbside trash cans while Scott Avenue MHP has a dumpster trash service.​ Both communities operate on septic that is owned and maintained by the park.​

The City of Kinston services New Bern and Jacksonville with labor workers who benefit from a reduced cost of living in comparison to the rest of North Carolina.​ The commute from Kinston to New Bern is 35 minutes, but has housing costs at nearly half that of New Bern and Jacksonville.​ Apartment rents for the two larger cities have surged to match the increasing demand from population growth.​ However, the mobile home communities have been less responsive to this rent growth leaving many parks below market rents.​ This two-park portfolio is ideally situated to stay fully occupied as the new owner fills the vacant MH lots and starts new tenants at market rents.​

We are asking that investors submit offers at $1,550,000.​ This portfolio is quoted to be financeable at 70% LTV, 4.5 - 5% interest rate, 10 yr.​ term with 25 yr.​ amortization, and potentially a 1-year interest only period.​ This portfolio is being offered as a value-add investment that will require filling vacant lots and responsibly raising rents.​

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

Park Information

Community Type: All Age
Number of MH Lots: 88
Total Occupancy: 69.0 %
Average MH Lot Rent: $185
Size: 25 acre(s)

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $345

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