Mobile Home Park Details

  • Cap Rate: 6.1%
  • Listing ID: 1441614
  • Posted On: May 19, 2021
  • Updated On: Oct 25, 2021

Description

Marcus & Millichap is pleased to present the opportunity to acquire Church Street MHP and Misty Creek MHP located in Stoneville, North Carolina. The communities contain a total of 87 sites that are 92 percent occupied. Church Street and Misty Creek are all age communities located within 2.7 miles of one another. Church Street is serviced by public water and sewer that is sub-metered, while Misty Creek has public water that is sub-metered and
private sewer (septic).

With the communities located within 2.7 miles of one another, a new investor can continue to benefit from management and maintenance consolidation moving forward. Additionally, new ownership will be positioned to grow value through increasing occupancy.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 87
Total Occupancy: 92.0 %
Average MH Lot Rent: $247

Financial Information (Pro Forma)

Gross Income: $260,079
Operating Expense: $114,273
Net Operating Income: $145,806
Expense Ratio: 43.9 %

Lot Information

Singlewide Lots: 87

Utility Information

Water: City
Water Paid By: Tenant - Submetered

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