Contact Information

Mobile Home Park Details

  • Price: Call for Price
  • Purchase Method: Assumable Loan
  • Property ID: 1651513
  • Posted On: Apr 21, 2022
  • Updated On: Jun 28, 2022

Property Description

https://estersonmhcteam.​com/property/4-park-portfolio-jesup-ga

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

The Esterson MHC Team is pleased to present this 4 Park Jesup, GA MHP Portfolio, a 135 lot, manufactured home community that’s 90% occupied.​ Just 60 miles from the center of Savannah, GA and 26 miles from Hinesville, GA where Fort Stewart Military base is located.​ Jesup is surrounded by many major metros in the southeast coastal part of Georgia, making it a great market for growth.​

The 4 communities are comprised of 126 MH lots, 4 undeveloped MH lots, 1 single family house and 2 duplex units (4 doors) for a total of 135 units.​ The duplexes are mobile homes that have been converted into duplexes.​ There are 18 tenant owned homes at $295 lot rent avg, 96 rented park owned homes at an average of $737 including lot rent, but not including water or trash bill backs.​ There are 9 vacant lots that are developed, home ready and 4 undeveloped lots, 1 single family house that rents for $895 and 2 duplexes (4 doors) that rent for $595 a door.​ All 4 parks are on well and septic.​ The seller currently owns a water company that allows him to charge for water, which he is currently charging $40 per tenant/month for.​ Trash is included in the property taxes and is billed back to tenants at $10 a month.​ 3 of the parks are gravel roads that the parks own, however they have an agreement with the municipality who bring gravel in for those 3 parks whenever requested, free of charge to the park owner.​ The 4th park is public roads maintained by the municipality and are paved.​

We are asking investors to have their offers submitted by May 6, 2022 for the opportunity to purchase a stabilized, cash-flowing investment property, with a fantastic cash-on-cash return Year 1.​ Given the current tenant mix and occupancy rate, the current lender will offer the next buyer to finance the homes and the land together at a 4.5% interest rate, 75% LTV, and a 20 or 25 year amortization depending on the borrower and other factors.​ We modeled a debt quote at 75% LTV on the lots and homes, 4.5% interest rate, and a 20 amortization.​ By filling the 9 vacant lots and raising rents over the next few years, you can completely stabilize and maximize this portfolio.​

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

Park Information

Number of MH Lots: 135
Total Occupancy: 90.0 %
Average MH Lot Rent: $295
Size: 34 acre(s)

Utility Information

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

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