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Mobile Home Park

3 Park Portfolio - New Bern NC

3410 Neuse Blvd, New Bern, NC 28560

Listing Price: $4,200,000

Cap Rate
5.90%
Number of Spaces
76
Lot Size
17.12 acres
Occupancy
94.7%
Price/Space
$55,263
Spaces/Acre
4.44
Year Built
1980

Investment Overview

This 3 park MHC portfolio is located in New Bern, NC and includes Cook MHP, Bernwood MHP, and Airport MHP. The portfolio consists of 76 total MH lots with 72 tenant owned homes (TOH), 3 vacant lots, and 1 abandoned home. The monthly lot rental rate is $400 for all lots. The vacant lots are ready for homes. There are some older TOH’s in below average condition. The parks are serviced by public water, sewer, trash, and electricity that are all billed directly to tenants. The only utility cost paid by the seller are street lights. The roads in Airport and Cook MHP are newly paved and in perfect condition. The roads in Bernwood MHP are paved and in average to above average condition. There are new concrete 2-car parking pads at all 3 parks. These improvements represent over $300,000 in CAPEX performed by the seller in 2021. Airport MHP and Cook MHP are both in flood zone areas. There are no homes in the flood zone area at Cook MHP. There are some homes in the flood zone area at Airport MHP, but the city recently installed a drainage ditch that should mitigate most flooding risk. None of the parks are located in an opportunity zone. We are asking investors to submit offers at or above $4,200,000. We are requesting CASH offers, but the portfolio should qualify for Freddie Mac financing for select buyers, and will also qualify for community bank debt.

Investment Highlights

  • 94.7 % of lots are tenant owned homes
  • Over $300k in CAPEX performed in 2021
  • Public utilities billed directly to tenants, city owns water and sewer to meter

Exclusively Listed By

Mobile Home Park

3 Park Portfolio - New Bern NC

Listing Price: $4,200,000

Cap Rate
5.90%
Number of Spaces
76
Lot Size
17.12 acres
Occupancy
94.7%
Price/Space
$55,263
Spaces/Acre
4.44
Year Built
1980

Investment Highlights

  • 94.7 % of lots are tenant owned homes
  • Over $300k in CAPEX performed in 2021
  • Public utilities billed directly to tenants, city owns water and sewer to meter

Investment Overview

This 3 park MHC portfolio is located in New Bern, NC and includes Cook MHP, Bernwood MHP, and Airport MHP. The portfolio consists of 76 total MH lots with 72 tenant owned homes (TOH), 3 vacant lots, and 1 abandoned home. The monthly lot rental rate is $400 for all lots. The vacant lots are ready for homes. There are some older TOH’s in below average condition. The parks are serviced by public water, sewer, trash, and electricity that are all billed directly to tenants. The only utility cost paid by the seller are street lights. The roads in Airport and Cook MHP are newly paved and in perfect condition. The roads in Bernwood MHP are paved and in average to above average condition. There are new concrete 2-car parking pads at all 3 parks. These improvements represent over $300,000 in CAPEX performed by the seller in 2021. Airport MHP and Cook MHP are both in flood zone areas. There are no homes in the flood zone area at Cook MHP. There are some homes in the flood zone area at Airport MHP, but the city recently installed a drainage ditch that should mitigate most flooding risk. None of the parks are located in an opportunity zone. We are asking investors to submit offers at or above $4,200,000. We are requesting CASH offers, but the portfolio should qualify for Freddie Mac financing for select buyers, and will also qualify for community bank debt.

Exclusively Listed By

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