Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 9.1%
- Listing ID: 2241658
- Posted On: Mar 25, 2023
- Updated On: Jul 1, 2024
Description
Small Investor's Dream! - a Stabilized, Cash-flowing Park with New Infrastructure and Huge Upside Remaining to be Captured! Once in a lifetime investment opportunity.
City water and sewer and individual meters so all utilities can be billed back to tenants. 16 spaces, 10 occupied and 6 remaining to rent. Existing homes are fully occupied. And, since everything is new, there is no deferred maintenance. Rents are tied to section 8 Fair Market Rents- can be immediately increased. Self-management could increase yield significantly.
The heavy lifting has been done…now all you need to do is focus on profit optimization and the huge upside that can easily be achieved through one of several investments of time and/or capital. Do as little or as much as you choose…and enjoy an amazing Cap Rate regardless!
Are you searching for an investment that's not only producing enviable returns but also strategically positioned for growth and long-term success? Look no further! Welcome to the Patriot Pine Estates Mobile Home Park, a newer (built in 2020-2021) gem that is not only stabilized and cash-flowing with an already enviable ROI, but also conveniently located in a city of over 200,000 people. Even better, it’s near a new Amazon packaging facility and a bustling military base with ~52,000 personnel. That means the potential is almost unlimited. And the city likely won’t allow any new mobile home parks within it’s boundaries….so you are grandfathered in to the growth!
Key Features:
Perfect size for an owner-managed park: 16 lots, 10 of which are occupied. Easy to manage, with or without help. Vacant land on either side to satisfy those expansion dreams (neither is currently for sale, but both have recently been on the market).
Stabilized & Cash-flowing: This isn't a gamble; it's a sure bet! The Park is already generating stable cash flow and an impressive ROI (~9%), providing you with immediate returns and peace of mind. This is NOT pro forma…this is real income, locked in TODAY. Want to make it even more profitable? Easy….manage it yourself, rent more lots, raise rents, or add more homes and rent them out. This park has multiple pathways to a double-digit ROI.
Prime Location: Situated in proximity to the new Amazon warehouse facility, you're positioned for a surge in demand for housing. Additionally, being near Ft. Liberty base means a consistent pool of potential tenants.
Most Homes are Park Owned: With all but one unit being park owned, the homes are completely in your control, shielding you from the typical pitfalls of tenant-owned homes. Enjoy greater control and mitigated risk. Sell the homes if you wish, but not before you enjoy a few more years of outsized returns on these recently built homes (rents are between $1325 and $1750 each)
Modern Amenities: Connected to city water and sewer, and each unit comes with individual meters, simplifying utility billing (only water is a passthrough, electric is individual accounts with PWC). No more utility management hassles!
Excellent Condition: Nearly every aspect of this park is newer, ensuring no deferred maintenance costs.
Easy Additional ROI: Rents are currently tied to Section 8 Fair Market Rents, giving you the immediate ability to increase your income. Also, 6 lots remain vacant and ready for additional investment (buy additional homes), or lease as lots. Also, take over the management yourself and increase the ROI into the double digits without any additional leasing.
Most tenants receive some section 8 assistance, meaning the majority of rent is directly deposited in your account each month from the government!
No Time Wasters, Please: We've had our fair share of low-ballers. If you saw on late-night TV that you can convince an owner of an A grade investment to sell it to you for peanuts and also carry the note, you were misled. Sorry. We're looking for a savvy investor who understands the incredible position and potential of this property and has the means to move forward. This is not a distressed property, and it's priced to sell, but we won’t engage unless and until you provide proof of funds.
Cash is King: We won't beat around the bush. If you can't make a cash purchase, this is probably not the opportunity for you. No seller financing- the only reason we are selling is to deploy the cash elsewhere. Most banks base mobile home park asset value on land only, because most come with homes that are old and worthless. Not so with this park…the homes are what generate the big returns. They are 2020 and 2021 models. If we were to keep it, we’d buy 6 more mobile homes and get the ROI well into the double digits.
Perfect for a 1031 Exchange or retirement income: If you're looking for a solid 1031 Exchange property to preserve your hard-earned gains, this is the ideal solution. Secure your future with this impeccable investment.
Don't let this golden opportunity slip through your fingers. Act now, make the smart investment, and secure a bright future in a thriving metropolis with large, stable employers. Contact us today with proof of funds to discuss how you can be the proud and savvy owner of this Mobile Home Park!
PLEASE EMAIL- DO NOT CALL. Calls will be ignored without an Email introduction to: stuckinafrica@yahoo.com
Location
Fayetteville, NC, the fastest growing city in the state. Excellent location, near the new Amazon facility and many retail employers and the military bases. There is never any wait for new tenants and the waiting list can be as long as you want.
Park Information
Community Type: | All Age |
Number of MH Lots: | 16 |
Total Occupancy: | 62.5 % |
Year Built: | 2020 |
Average MH Lot Rent: | $350 |
Size: | 4 acre(s) |
Financial Information (Actual)
Gross Income: | $156,000 |
Operating Expense: | $47,000 |
Net Operating Income: | $109,000 |
Expense Ratio: | 30.1 % |
Lot Information
Singlewide Lots: | 15 |
Doublewide Lots: | 1 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 9 |
Average Rent for Park-owned Homes: | $1,379 |