Mobile Home Park Details
- Listing ID: 3914667
- Posted On: Oct 27, 2023
- Updated On: Apr 3, 2024
Description
We are pleased to present Cape Fear Village MHP, a stabilized, turn-key cash flowing investment with 183 units on 45 acres.
This community is centrally located in the fast-growing Fayetteville MSA with close proximity to Charlotte & Raleigh, providing residents with a great place to live, raise a family and also find employment. The Fayetteville NC MSA has over 518K+ people living there, providing a well-trained and productive work force that enhances the areas diverse employment base.
There are 183 total lots with 169 currently rented: 2 tenant owned homes (TOH, 167 rented park owned homes (POH, 13 vacant POH and 1 vacant lot. 13 o the vacant park owned homes are brand new 2022, 14 X 66 models, ready or immediate occupancy. Occupied POH’s are rented or an average of $982 a month. The overall market may be able to support higher rents based on surging population growth, limited affordable housing supply and growing demand in this market. Cape Fear Village MHP is serviced by public utilities that are paid directly by the tenants. Curbside trash is provided and paid by the landlord. All utility systems are in good working order. The roads are paved and in good condition. The park is not affected by a flood zone and is not in an opportunity zone.
With 92% occupancy, public utilities, and a very rapidly growing market with strong demand or affordable housing, this investment presents a great opportunity to create more scale or enter into the fast growing (+72% growth Fayetteville NC market. We are asking investors to submit their best offers, as no pricing guidance will be given. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list o due diligence required rom owners, and relevant real estate experience.
Location
Location Information:
According to the most recent census data, Fayetteville NC MSA has a population o 518K+ people, with a median household income o $52K+ annually, and a median home price o $207K.
Fayetteville, North Carolina is a charming city located just south o Fort Bragg Army base and near several beaches. With its quaint downtown district and abundance o parks, visitors can take in all that this vibrant area has to offer. There are plenty of activities available including golfing, kayaking, fishing and horseback riding. Fayetteville also offers exciting nightlife, delicious restaurants and a variety o cultural attractions including historical sites and live entertainment. No matter what you’re looking or, Fayetteville provides an unforgettable experience. Mid-sized city / Military town -South-central North Carolina, along Cape Fear River, 90 miles south o Raleigh-Durham.
Park Information
Community Type: | All Age |
Number of MH Lots: | 183 |
Total Occupancy: | 92.3 % |
Average MH Lot Rent: | $978 |
Size: | 46 acre(s) |
Financial Information (Actual)
Gross Income: | $1,953,925 |
Operating Expense: | $581,786 |
Net Operating Income: | $1,372,140 |
Expense Ratio: | 29.8 % |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |