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Address is Howard Arnette Road Lenoir, NC 28645

Dominic Bologna

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Lenior MHP - 65 homes can be in this park

Manufactured Home Community for Sale in Lenoir, North Carolina

Howard Arnette Road
Lenoir, NC 28645

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Sale Price: $325,000

Contact Information

Dominic Bologna

Mobile Home Park for Sale

Number of MH Lots: 65
Size: 6 acre(s)
Cap Rate: 12.0%
Purchase Method: Cash, New Loan
Status: Active
Property ID: 853897
Posted on: Sep 02, 2017
Updated on: Nov 03, 2017
Price: $325,000

Property Description

This is a clean turn key park with TONS of upside due to the fact that the lot rents are way under market. City water (sub metered) and septic. This Park is grandfathered in for 65 lots!!! 16 tenant owned homes in there now and two Park owned homes comes with the sale.

Other parks in the area are charging $200-225 a month. By increasing the lot rent and adding 3 new homes in the 3 vacant spaces, you can gross over $4,000 a month.

There is a stick build home that rents for $500 a month and a small warehouse that rents for $300 a month. Lot rent is scheduled to increase in January of 2018 to $185. Three used trailers need to be purchased in order to maximize the cash flow. It's a well managed park with stable long term tenants.

I would prefer to deal with Cash buyers. I will be flexible on price if you don't need banks. Call me any time with any questions.

(586) 524-8845

Park Information

Number of MH Lots:65
Total Occupancy:23.0%
Year Built:1979
Average MH Lot Rent: $150
Size:6.0 acre(s)

Financial Information (Pro Forma)

Gross Income$48,500
Operating Expense$9,740
Net Operating Income$38,760
Expense Ratio 20.1%
Debt Info

Lot Information

Singlewide Lots:20

Utility Information

Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes:2