Mobile Home Park Details
- Purchase Method: Assumable Loan
- Listing ID: 1651513
- Posted On: Apr 21, 2022
- Updated On: Aug 28, 2022
Description
https://estersonmhcteam.com/property/4-park-portfolio-jesup-ga
Contact Parker Kelly for more information parker.kelly@marcusmillichap.com
The Esterson MHC Team is pleased to present this 4 Park Jesup, GA MHP Portfolio, a 135 lot, manufactured home community that’s 90% occupied. Just 60 miles from the center of Savannah, GA and 26 miles from Hinesville, GA where Fort Stewart Military base is located. Jesup is surrounded by many major metros in the southeast coastal part of Georgia, making it a great market for growth.
The 4 communities are comprised of 126 MH lots, 4 undeveloped MH lots, 1 single family house and 2 duplex units (4 doors) for a total of 135 units. The duplexes are mobile homes that have been converted into duplexes. There are 18 tenant owned homes at $295 lot rent avg, 96 rented park owned homes at an average of $737 including lot rent, but not including water or trash bill backs. There are 9 vacant lots that are developed, home ready and 4 undeveloped lots, 1 single family house that rents for $895 and 2 duplexes (4 doors) that rent for $595 a door. All 4 parks are on well and septic. The seller currently owns a water company that allows him to charge for water, which he is currently charging $40 per tenant/month for. Trash is included in the property taxes and is billed back to tenants at $10 a month. 3 of the parks are gravel roads that the parks own, however they have an agreement with the municipality who bring gravel in for those 3 parks whenever requested, free of charge to the park owner. The 4th park is public roads maintained by the municipality and are paved.
We are asking investors to have their offers submitted by May 6, 2022 for the opportunity to purchase a stabilized, cash-flowing investment property, with a fantastic cash-on-cash return Year 1. Given the current tenant mix and occupancy rate, the current lender will offer the next buyer to finance the homes and the land together at a 4.5% interest rate, 75% LTV, and a 20 or 25 year amortization depending on the borrower and other factors. We modeled a debt quote at 75% LTV on the lots and homes, 4.5% interest rate, and a 20 amortization. By filling the 9 vacant lots and raising rents over the next few years, you can completely stabilize and maximize this portfolio.
Park Information
Number of MH Lots: | 135 |
Total Occupancy: | 90.0 % |
Average MH Lot Rent: | $295 |
Size: | 34 acre(s) |
Utility Information
Water: | Well |
Water Paid By: | Tenant - Individual Service |
Sewer: | Septic |