Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 10.6% (Actual)
- Listing ID: 69169
- Posted On: May 5, 2011
- Updated On: Jul 22, 2012
Description
Charlotte, NC market. 54 Mobile Home spaces located on about 20 acres. See Charlotte skyline from entrance of property. 8 Park owned homes of which 6 D/W's and 2 S/W. 4 Lots ready for homes. Two Private wells and individual septics. Paved roads, wooded setting. Charlotte MSA, largest in both Carolinas. Lake Norman and Mountain Island market. Best located park I've had in years. Highly desirable rental property with waiting list. Pristine, turn key property, ready for new owner. If you are looking for a very well located property with significant upside, you owe it yourself to see this property. Again it is a turn key operation with tremendous upside potential. Affordable rental housing is becoming short supplied now and will be for many years to come. Mobile home parks offer the most affordable housing alternative in America. Lots of upside here! Don't miss this once in a life time opportunity. Owner retiring!!!!!
Just off Highway 16 heavy retail corridor and 15 minutes from downtown Charlotte by Brookshire Freeway. Also new Hwy 16 bypass linking 1/2 mile away to I 485. Pull out of the park, go to traffic light and never see another traffic light until the Atlantic Ocean or the Pacific Ocean. This property has the best location, location, location. Please look at the airel photo available and see the road system linking Gloria Acres to Charlotte's Interstate and Freeway system. Just the best I have ever listed to the market.
Location
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 54 |
| Total Occupancy: | 93.0 % |
| Year Built: | 1989 |
| Average MH Lot Rent: | $220 |
| Size: | 20 acre(s) |
Financial Information (Actual)
| Gross Income: | $161 |
| Operating Expense: | $25 |
| Net Operating Income: | $136 |
| Expense Ratio: | 15.5 % |
Lot Information
| Singlewide Lots: | 40 |
| Doublewide Lots: | 14 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 8 |
| Average Rent for Park-owned Homes: | $550 |