• Rare opportunity to acquire a 171-site community less than an hour from Charlotte. Spacious lots averaging about half an acre each, ample offstreet parking with all homes set parallel to the street and mature trees throughout the community give it a high-quality subdivision feel.
• Fractured condo deal. Each lot in the community is subdivided and could potentially be condo’d off if a new owner desired. There is currently no active HOA. Thirty-six lots, not included in the lot count of 171, were formerly part of the park but were sold to tenants by the original developer of the community.
• As of September 2016, there are 123 community-owned homes, 107 of which were occupied as of February 2017. The large majority of occupied park-owned homes are being sold as part of a lease-option program where tenants put on average 10% down and have equity in the home. The park maintains all of the park-owned homes.
• The state is responsible for maintaining approximately 80% of the roads in the community.
• At 81% occupancy as of June 2016, there is opportunity to add value by filling the remaining vacant homes and sites. Current owner believes there is strong demand for lease-options or straight rentals because the park can get around 20 to 30 calls per day.
• Utilities at the community are a mix of public and private. 103 lots are serviced by Country Valley’s wells and septic systems, 50 lots are serviced by public water and sewer, and 18 lots are serviced by Country Valley’s wells and public sewer. There may be an opportunity to submeter the water, which should increase NOI.
• The average home rent per the June 2016 rent roll is about $365 per month in addition to the lot rent. The owner has brought in about sixtyfive 1999-2002 model homes over the years with price points around $38k when sold to tenants.
• As of June 2016, 46% of the occupied park-owned homes were double wides and 54% were single wides. The average age of the park-owned homes is 1997.