Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 5.5%
  • Listing ID: 3561414
  • Posted On: Aug 21, 2023
  • Updated On: Nov 10, 2023

Description

Harker Realty is pleased to present Lone Oak Rentals, Mobile Home Park, the community is in Lumberton, N.C. County seat for Robeson County. Lumberton is a growing city being a short drive to Fayetteville NC home of Fort Liberty Army Base, Pembroke NC home of UNCP, plus having Robeson Community College located in Lumberton. With the constant growth of Fort Liberty, Robeson C.C. and UNCP, there is always a demand for affordable housing.

The portfolio consists of 30 single wide lots sitting on 4.8 acres, which are 100% occupied. It has two tenant owned homes and 28 Park owned homes which enhances the income stream. The park has city water and sewer and provides curbside trash service.
Vacancies over the years have averaged 4%. Average house rent is $646 including lot rent, lot rent is $300. The last 4 houses rented, the owners have moved the rent up to the $700 - $750 range which is still under market. We are asking investors to submit offers of $2,400,000.
Please do not bother the tenants, they are not aware of the park being on the market.

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

Park Information

Community Type: All Age
Number of MH Lots: 30
Total Occupancy: 100.0 %
Year Built: 1972
Average MH Lot Rent: $300
Size: 5 acre(s)

Financial Information

Gross Income: $215,000
Operating Expense: $83,189
Net Operating Income: $131,811
Expense Ratio: 38.7 %

Lot Information

Singlewide Lots: 30

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 28
Average Rent for Park-owned Homes: $618

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