Photo of Mobile Home Park

Mobile Home Park Details

Purchase Method: Cash
Listing ID: 612279
Posted On: Dec 18, 2015
Updated On: Apr 25, 2016

Description

• Rare opportunity to acquire a 45-site, Class A quality park in an MSA of 730,000.
• The offering includes land that has 147 sites that are currently not useable.
• Significant occupancy upside by filling existing homes or bringing in new ones.
• Park was built in 2002 and has all public utilities direct billed to residents.
• Included with the park are two vacant and seven occupied park-owned homes as of Dec ‘15.
• Low-density layout with wooded homesites, nature trails, a playscape, two-car driveways and on-site management.
• Rents have been consistently increased over the past seven years and a $10 rent increase is planned for Feb ‘16.

Location

• Reidsville recorded a population of 14,246 in 2014 and sits 30 minutes north of Greensboro, the third most populous city in the state.
• Greensboro puts a myriad of shopping and entertainment options within reach including Friendly Center - a large, open-air shopping center home to 140 retailers and over 1.2-million square feet of retail space.
• The region moved from a once tobacco-dominated economy to industries including automotive, manufacturing and health products. There are now over 1,000 businesses in the region with average revenue per business of $2.1 million.
• The City of Reidsville recently constructed Reidsville Industrial Park, located less than 10 minutes from Creekside. The park is a major employment center home to Albaad USA, Amcor Tobacco and WEK Industries, employing 105, 174 and about 100 respectively.
• Other major employers in the area include Moses H. Cone Memorial Hospital with 600 employees, Equity Group with 424, and Henniges Automotive with 324.
• Median household income within a one mile radius of Creekside is $33,976, roughly 36% less than the national average, driving high demand for affordable housing in the area.

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