Contact Information

Glenn Esterson
License: NC: 272218

Marcus & Millichap, Charlotte

CONTACT BROKER

Price: Call for Price
Listing ID: 6768429
Posted On: Nov 12, 2024
Updated On: Nov 13, 2024

Description

https://estersonmhcteam.com/property/forestdale-mhc-birmingham-al/

Marcus & Millichap is excited to present Forestdale MHC, a 185-unit manufactured home community located in the vibrant city of Birmingham, AL. This well-maintained community offers significant upside potential. The city of Birmingham has a population of approximately 200,000, while the Birmingham AL MSA boasts a population of 1.1 million and continues to grow steadily. Strategically positioned, Birmingham benefits from i ts central l ocation i n Alabama, proximity to major highways, and a strong regional economy, making it an attractive market for future development initiatives.

Forestdale MHC has 185 units including 86 tenant owned homes (TOH), 6 rented park owned homes (POH), 1 office unit and 92 vacant MH lots. The average lot rental rate is $340 per month and the average POH rental rate is $850 per month, indicating the significant opportunity to increase revenues due to a limited affordable housing supply and growing demand in this market.

The community operates on public water and private sewer that is maintained by the park. Tenants are responsible for water, electric, gas/propane and cable services. Trash is serviced by dumpsters and paid for by the landlord. Roads are privately maintained and in good condition. Additionally, recent tree trimming and general park beautification projects have been completed and now provide added convenience and safety for tenants, making this community an even more attractive living environment.

Forestdale MHC is currently managed by an onsite manager who oversees day-to-day operations. The sewer pond and 17 lots are in a flood zone. The property is not in an opportunity zone.

With 50% occupancy, below-market rents and a substantial infill opportunity, this property presents a compelling investment opportunity in a very strong market in Alabama and the Southeast. 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 of due diligence required from owners, and relevant real estate experience.

Location

The Birmingham, AL Metropolitan Statistical Area (MSA), often known as the “Magic City,” is a dynamic region with a rich industrial history rooted in steel production and railroads. Over the years, Birmingham has evolved into a diverse economic hub, now recognized for its strong presence in healthcare, finance, technology, and education. The city is home to leading institutions such as the University of Alabama at Birmingham (UAB), which includes a renowned medical center and is a major driver of biomedical research and healthcare innovation in the region.

Birmingham’s urban core offers a mix of historic charm and modern development, with revitalized neighborhoods, a lively downtown area, and a variety of cultural attractions. The MSA includes an extensive network of suburban communities, offering a range of lifestyle options from bustling urban living to quieter suburban settings, catering to a diverse population.

Residents of the Birmingham MSA enjoy ample recreational opportunities, including access to the Red Mountain Park, the
Birmingham Botanical Gardens, and a wide array of hiking trails and green spaces. This combination of economic growth, educational opportunities, and outdoor amenities makes the Birmingham MSA an attractive place to live, work, and invest.

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