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Multifamily

Green Mountain MHC Development

2333 Howard Arnette Rd, Lenoir, NC 28645

Listing Price: $895,000

Cap Rate
4.31%
Number of Units
24
Occupancy
73.0%
Price/Unit
$37,292
Price/Gross SF
$89.50
Gross SF
10,000

Investment Overview

The McDaniel Team of Marcus & Millichap is pleased to present the market positioning and valuation for the Green Mountain MHC Development. Located in the beautiful Appalachian Mountains, Green Mountain MHC provides an investor the opportunity to increase rental rates by 25% as well as expand the number of pads to 65. Growth within the market is being supported by its proximity to Hickory, a diverse and growing economy just south of Lenoir. Comprised of 17 pads that are all lot rent spaces, the asset also includes one stick-built home and an on-site apartment. There is a tremendous opportunity to develop the rest of this approved asset and take advantage of a growing market. The park is serviced by sub-metered city water and septic tanks. Development of this asset will allow for Northwest views of the mountain premier lots within the Hickory-Lenoir Markets.

Investment Highlights

  • Opportunity for development of 65 lots just outside of the desirable Appalachian Mountains
  • Close proximity to Hickory and Lenoir Downtowns
  • Asset elevation contours allow for large, desirable lots

Exclusively Listed By

Multifamily

Green Mountain MHC Development

Listing Price: $895,000

Cap Rate
4.31%
Number of Units
24
Occupancy
73.0%
Price/Unit
$37,292
Price/Gross SF
$89.50
Gross SF
10,000

Investment Highlights

  • Opportunity for development of 65 lots just outside of the desirable Appalachian Mountains
  • Close proximity to Hickory and Lenoir Downtowns
  • Asset elevation contours allow for large, desirable lots

Investment Overview

The McDaniel Team of Marcus & Millichap is pleased to present the market positioning and valuation for the Green Mountain MHC Development. Located in the beautiful Appalachian Mountains, Green Mountain MHC provides an investor the opportunity to increase rental rates by 25% as well as expand the number of pads to 65. Growth within the market is being supported by its proximity to Hickory, a diverse and growing economy just south of Lenoir. Comprised of 17 pads that are all lot rent spaces, the asset also includes one stick-built home and an on-site apartment. There is a tremendous opportunity to develop the rest of this approved asset and take advantage of a growing market. The park is serviced by sub-metered city water and septic tanks. Development of this asset will allow for Northwest views of the mountain premier lots within the Hickory-Lenoir Markets.

Exclusively Listed By

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