9.64% Cap Rate.

Two side-by-side mobile home communities totaling 131 lots (101 lots within Timberlake Estates and 30 lots within Woodland Acres).

Lots are big, with each one having dedicated utilities (county water, electrical and individual septic system).

Great on-site property management team and sales office, with a high demand for homes.

Greater than a 95% collection rate, with primarily owner-occupied units.

Out of the 131 lots, 86 lots are currently occupied as follows:
1 Sales Office (3718 Maple Grove Drive, La Grange, NC)
1 Storage Unit (converted home)
60 Lot Rental Only Homes (17 of these were POH's sold via 21st Mortgage financing - great vehicle for selling existing POH's)
2 POH's that are rentals
15 POH's that have been seller-financed to qualified buyers (owner occupied)
3 FEMA homes
4 POH's that are under renovation in preparation for either sale or rental
45 Vacant Lots with dedicated utilities in place and ready for homes to be placed - $9,000/month additional revenue upside once filled

Our revenue each month is currently averaging slightly over $21,000.

Communities are located within 20 minutes from Goldsboro (military base) and within 15 minutes from Kinston.