Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 10.0% (Actual)
- Listing ID: 725792
- Posted On: Nov 29, 2016
- Updated On: Feb 28, 2017
Description
This 35 space mobile home park was re-named Lillington Mobile Home Community, LLC [LMHC] , doing business as Lillington Village.
Our business model has had two primary objectives: (1) Renting remodeled homes at top market rents in a clean, safe family friendly park and (2) Remodeling all park owned homes and selling them to tenant/owners, there-by creating a “pad-only” property. This has been accomplished. We now have 27 tenant owned homes and no rentals. There are 8 vacant and workable pads for future added value.
By carefully remodeling our homes, we have been able to raise the standards and expectations of the park. These efforts, as well as our continuous upgrades to the park property, have created a very attractive mobile home community.
Current pad rents are $285 and we expect this to hold into the foreseeable future .
Location
The park is located 1.6 miles south of the main street of Lillington NC and 25 miles north of Fayetteville NC. GPS addres would be 20 Blake Street, Lillington, NC.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 35 |
| Total Occupancy: | 77.0 % |
| Year Built: | 1998 |
| Average MH Lot Rent: | $285 |
| Size: | 12 acre(s) |
Financial Information (Actual)
| Gross Income: | $92,340 |
| Operating Expense: | $23,550 |
| Net Operating Income: | $68,790 |
| Expense Ratio: | 25.5 % |
Lot Information
| Singlewide Lots: | 35 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | Septic |
