Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 11.4%
- Listing ID: 827017
- Posted On: Jun 28, 2017
- Updated On: Jun 16, 2020
Description
Well maintained eighteen unit double wide (park owned) mobile home park on over 17 acres inside the Maysville NC bypass off of Hwy 17.
11.4% CAP Rate with IMMEDIATE upside potential by raising rents on six long term tenants currently on month-to-month leases.
Homes have individually metered city water and each have private septic. Street lights and off street parking on two private dead end roads.
Contact me for detailed 5 year P&L statements. My books are squeaky clean and this is a well managed and maintained park that stays full.
Ten of the units may be sold off individually. Tax value of the property is $1,189,630 in a rapidly growing area with a stable economy due to its proximity to Camp Lejeune Marine Corp Base and the beach.
There is a possibility to purchase my adjacent 4.74 acres that includes two stick built homes on Hwy 17 Bus to lock in the entire inner corner of the buildable land on the bypass.
Visit www.kitparks.com/sale for more information. Be sure to see aerial drone video link next to photos tab above.
Location
Located ten miles north of Jacksonville, NC's best part of town, and two miles south of the village of Maysville. Just off of Hwy 17, and just inside the soon-to-be completed south corner of the Maysville bypass.
The property across the highway just got approval to be re-zoned HB, paving the way for this property to also be rezoned should the new owner ever desire to do so. This corridor of Hwy 17 is getting ready to explode with the recent completion of the four lane road and new bypass.
Park Information
Community Type: | All Age |
Number of MH Lots: | 18 |
Total Occupancy: | 100.0 % |
Year Built: | 2002 |
Average MH Lot Rent: | $800 |
Size: | 18 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $173,000 |
Operating Expense: | $30,650 |
Net Operating Income: | $142,350 |
Expense Ratio: | 17.7 % |
Debt Info: | 0 |
Lot Information
Doublewide Lots: | 18 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 18 |
Average Rent for Park-owned Homes: | $800 |