Contact Information

Mobile Home Park Details

  • Price: $550,000
  • Cap Rate: 9.0%
  • Property ID: 1661012
  • Posted On: May 3, 2022
  • Updated On: Jun 15, 2022

Property Description

Listing Broker : Paul Schaaf
Contact Paul Schaaf : +1-678-932-0200
BEULAVILLE, NC - The MHP Broker is pleased to present the opportunity to buy this very desirable 22-pad mobile home park (MHP) located Duplin County, North Carolina. This unique opportunity provides stable cashflow, while allowing to new owner to focus on raising rents and lower expenses to capitalize on the upside potential.

Grace Home Spaces Mobile Home Park is strategically-located inside of the city limits and is between NC 111 and N. Railroad Avenue, which is just minutes away from one of the main thoroughfares in Duplin County. Other notable areas that are within an hour commute of Grace Home Spaces MHP is Jacksonville, North Carolina (36 Minutes), New Bern, North Carolina (56 Minutes), and Interstate 40 (18 Minutes).

This community features 18 fully-leased park-owned homes (POH), 2 vacant POHs, 1 vacant lot, and 1 TOH, on a total of 3.08 acres. All of the park-owned homes have been well maintained, and have been given a $9,000 shell value per home. Lot Rents are just below market at $250 per month, easily allowing future ownership to increase value and income. The POH rents are between $200 - $250 per month.

The park utilizes city water, city sewer, and trash services, which are directly-billed to tenants, along with electricity. The owner has structured this park to be a passive investment by compensating one of the tenants 1/3 of income for taking over managerial & maintenance duties (please note that this tenant is also responsible for all park and park-owned home rehabs and repairs, as well as the collection of rents). Detailed books and records have been kept since 2011 and can be passed on to the new owner.

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Park Information

Number of MH Lots: 22
Total Occupancy: 90.9 %
Size: 3 acre(s)

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 19

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