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42-Unit Park - Strong Occupancy/Financials! 211 Miller Ave, La Grange, NC 28551

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Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 9.0% (Actual)
  • Listing ID: 466643
  • Posted On: Aug 26, 2014
  • Updated On: Dec 1, 2014

Description

Income producing dream! Well run mobile home park located near Goldsboro, NC. 42 lot park with 17 site owned mobile homes. Of these there are two, 2BR units, one, 4 bedroom unit and fourteen, 3 bedroom units. Units rent for $350-$400 per month with potential for increases. Lot rents are $175. There are currently eleven vacant lots. Park is well managed and is in good condition.

Located within 20 minutes of Goldsboro NC in LaGrange, NC.

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Park Information

Community Type: All Age
Number of MH Lots: 42
Total Occupancy: 75.0 %
Average MH Lot Rent: $175
Size: 11 acre(s)

Financial Information (Actual)

Gross Income: $79,085
Operating Expense: $35,323
Net Operating Income: $43,762
Expense Ratio: 44.7 %

Lot Information

Singlewide Lots: 42
Doublewide Lots: 42

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 17
Average Rent for Park-owned Homes: $400