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Mobile Home Park Details

  • Price: $4,250,000
  • Cap Rate: 5.6%
  • Listing ID: 5083338
  • Posted On: Apr 2, 2024
  • Updated On: Apr 9, 2024


The Esterson MHC Team is pleased to present Greyson Grove MHP, a stabilized, turn-key cash flowing investment with 76 units on 15 acres.

This community is centrally located in the fast-growing Rocky Mount NC MSA with close proximity to Raleigh & Durham, providing residents with a great place to live, raise a family and also find employment. The Rocky Mount NC MSA has over 144K+ people living there, providing a well-trained and productive work force that enhances the area’s diverse employment base. Pfizer pharmaceuticals factory (2,800 jobs), major Cummins diesel engine factory (1,800 employees), several hospitals, a college (NC Wesleyan), and a growing economic base linked to NC’s tech-driven Research Triangle, one hour away in Raleigh-Durham.

There are 76 total lots with 69 currently rented: 69 tenant owned homes (TOH) and 7 vacant lots. Current occupied TOH’s are rented for an average of $340 a month. Upon buyer’s removal of contingencies at the completion of the due diligence period, the seller will issue a rental increase notice to the tenants raising rents to a level that the buyer will dictate. Seller will agree to close on the sale after the effective date of said rent increase. The overall market may be able to support higher rents based on population growth, limited affordable housing supply and growing demand in this market.

Greyson Grove MHP is serviced by public utilities that are directly paid by the tenants. Curbside trash is also paid by the tenants. All utility systems are in good working order. The roads are private-paved and were substantially updated and improved in 2024. The park is not affected by a flood zone and is not in an opportunity zone.

With 91% occupancy, public utilities, and a growing market with strong demand for affordable housing, this investment presents a great opportunity for a first-time buyer on a stabilized TOH asset or an existing MHC investor to create more scale. The asking price is $4,250,000. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.

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

Park Information

Community Type: All Age
Number of MH Lots: 76
Total Occupancy: 91.0 %
Average MH Lot Rent: $340
Size: 15 acre(s)

Financial Information (Actual)

Gross Income: $278,853
Operating Expense: $40,928
Net Operating Income: $237,925
Expense Ratio: 14.7 %

Utility Information

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

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