Contact Information

Mobile Home Park Details

  • Price: $4,185,000
  • Property ID: 1997790
  • Posted On: Jan 17, 2023
  • Updated On: Jan 17, 2023

Property Description

Listing Broker: Ryan Ramseur
Contact Ryan Ramseur : +1-678-932-0200
GLYNN COUNTY, GA - Altamaha Mobile Home Park (MHP) is situated in Glynn County in the heart of Brunswick, GA. Located approximately halfway between Jacksonville, FL and Savannah, GA, Brunswick is the second largest urban area on the Georgia coastline after Savannah, and is naturally sheltered by two barrier islands -- Jekyll and St. Simons. The city supports a progressive economy largely based on tourism and logistics and has a metropolitan GDP north of $4 Billion. The Port of Brunswick handles approximately 10% of all roll-on/roll-off trade and is recognized as one of the most productive ports on the East Coast. It is the primary export facility for Ford and General Motors and is the sixth-busiest automobile port in the U.S.

Altamaha MHP features 62 current lots, including 51 occupied tenant-owned homes (TOH), 3 leases signed for 2022 model park-owned homes (POH), 1 occupied 2022 model POH’s, 3 occupied RV lots and 4 vacant mobile home (MH) lots. Current ownership is in the process of removing a 1990’s vintage double-wide vacant POH and adding an additional lot with the potential of 1 more to bring the total count of pads to 63 or 64 lots with 5 to 6 vacant MH lots. Average in-place lot rent across all sites is $334/mo (without POH) and $340/month (with POH lot) with market lot rates at $425/mo and market POH rents of $1,250/mo, giving new ownership immediate upside to increase rents and infill vacant lots. Roads are paved and in good condition, and the park operates on septic in good working condition along with a private well water system which taps into the largest aquifer on the East Coast and is maintained by third party operator Woodrow Sapp, who has been in business since 1932. The private water system generates an average of $30,000 in additional net income annually after all expenses managed by Woodrow Sapp. The park is currently remotely managed with minimal costs, however, onsite management can be arranged for new ownership if desired with similar minimal costs.

Soft-Quote financing is available to accredited investors under the following terms based off of current in-place income: $2 million note, US-10 Year Treasury + 220 bps (5.70% as of 12/13/2022) fixed, 30-year amortization, 5 years I/O (ending January 2028), due in 10 years.

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Park Information

Number of MH Lots: 60
Total Occupancy: 92.0 %
Average MH Lot Rent: $340
Size: 12 acre(s)

RV Information

Number of RV Lots: 3

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 4

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