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Address is 4325 Old Cusseta Road Columbus, GA 31903

Joe Edge

Sherman & Hemstreet

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PRICE REDUCED 12-1-2016 Grand Oaks MHP

Multi Family Housing for Sale in Columbus, Georgia

4325 Old Cusseta Road
Columbus, GA 31903

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Mobile Home Park for Sale

Number of MH Lots: 88
Size: 5.5 acre(s)
Cap Rate: 12.0%
Purchase Method: Assumable Loan
Status: Active
Property ID: 712722
Posted on: Oct 13, 2016
Updated on: Apr 18, 2017

Property Description

Check out youtube video. Motivated Seller bring all offers. Around 300k of assumable debt on first mortgage. This park is located just off of the interstate in an area that is starting to come back with good economic growth. The park has had serious management issues. The owner who ran the park moved out of state and occupancy has dropped since. The park needs someone more active in management and who can invest some cash into fixing some vacant homes. 88 spaces total. 22 paying tenatns as of today. 64 spaces have homes on them with 24 vacant spaces. out of the 64 spaces 15 have space renters and 49 are park owned rental units. Most of the homes have been rented in the last 24 months. Some need major work while others need 3-5K. Only 5-10 homes need 8000-10000 to be brought back online. Strong rental market but need new strong management to bring income back. Proforma with homes rented is insane cash flow and cap rate.

Location Description

Just off of I:185 on Old Cusseta Road, North of Martha Berry Highway (highway 280) and South and East of highway 27.

Park Information

Number of MH Lots:88
Total Occupancy:25.0%
Average MH Lot Rent: $295
Size:5.5 acre(s)

Lot Information

Singlewide Lots:88

RV Information

Number of RV Lots:0

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:49
Average Rent for Park-owned Homes: $500

Amenities and Other

Laundromat: Yes