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Mobile Home Park

2 Park Portfolio - Augusta GA

3073 Deans Bridge Rd, Augusta, GA 30906

Listing Price: $2,400,000

Cap Rate
8.40%
Lot Size
6.29 acres
Occupancy
82.1%
Year Built
1980

Investment Overview

The Esterson MHC Team is pleased to present the 2 Park Portfolio in Augusta, GA. The portfolio consists of 67 total units - 65 MH lots and 2 commercial buildings, with easily achievable upside through infill and raising rents. The Augusta, GA metro is the home to Fort Gordon, an Army base that currently has over 30,000 service members and employees. Augusta is probably most well-known for Augusta National, one of the most famous golf courses in the world, and is where they play the Masters. The communities are centered around high growth areas with limited affordable housing available, making this an opportunity for rent upside and infill. The current combined occupancy of this portfolio is 82.1%, with 5 vacant homes and 7 vacant lots. Southern Estates MHP is 22 total units consisting of 15 tenant owned homes, 6 vacant lots and 1 restaurant. Southern Village MHP is 45 total units, consisting of 33 tenant owned homes, 5 rented park owned homes, 5 vacant park owned homes, 1 commercial building and 1 vacant lot. The average lot rent across the portfolio is $385, with our proforma market lot rent going up to $475. This portfolio’s value add potential lies in its 7 vacant lots, 5 vacant homes, and rent upside of $95. This portfolio is serviced by public water and sewer in both communities. Tenants in Southern Village are billed back for water and trash on a flat fee. Tenants in Southern Estates are billed back for water and sewer that is sub metered and billed back based on their usage. Tenants pay for their own electricity, directly billed to them. Both communities have dumpsters at the front of the communities that are picked up twice a week. Southern Estates has gravel roads, and Southern Village has paved roads but they are in below average condition and will need to be repaved. Augusta is a regional center of medicine, biotechnology, and cyber security. The population has grown by 6.7% since 2020. There are many employment opportunities for residents, between Augusta University, Fort Gordon, the NSA, and multiple healthcare verticals. Apartment rents have increased by over 8% the last two years in order to match the demand for affordable housing. Augusta is also only two hours away from Atlanta and Charlotte, and only an hour away from Columbia, SC. This two-park portfolio is ideally situated to stay fully occupied as the new owner fills the vacant MH lots and starts new tenants at market rents. We are asking that investors submit offers at $2,400,000, which is an 8.4% cap rate on actuals. This portfolio is being offered as a value-add investment that will require filling vacant lots, vacant homes, responsibly raising rents and improving the communities curb appeal.

Investment Highlights

  • Public Utilities Billed Back
  • Majority Tenant Owned Homes
  • Upside Through Infill & Rent Increases

Exclusively Listed By

  • Parker Kelly

    Vice President Investments

    Email Parker

    License(s): GA: 385444

    Atlanta

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Mobile Home Park

2 Park Portfolio - Augusta GA

Listing Price: $2,400,000

Cap Rate
8.40%
Lot Size
6.29 acres
Occupancy
82.1%
Year Built
1980

Investment Highlights

  • Public Utilities Billed Back
  • Majority Tenant Owned Homes
  • Upside Through Infill & Rent Increases

Investment Overview

The Esterson MHC Team is pleased to present the 2 Park Portfolio in Augusta, GA. The portfolio consists of 67 total units - 65 MH lots and 2 commercial buildings, with easily achievable upside through infill and raising rents. The Augusta, GA metro is the home to Fort Gordon, an Army base that currently has over 30,000 service members and employees. Augusta is probably most well-known for Augusta National, one of the most famous golf courses in the world, and is where they play the Masters. The communities are centered around high growth areas with limited affordable housing available, making this an opportunity for rent upside and infill. The current combined occupancy of this portfolio is 82.1%, with 5 vacant homes and 7 vacant lots. Southern Estates MHP is 22 total units consisting of 15 tenant owned homes, 6 vacant lots and 1 restaurant. Southern Village MHP is 45 total units, consisting of 33 tenant owned homes, 5 rented park owned homes, 5 vacant park owned homes, 1 commercial building and 1 vacant lot. The average lot rent across the portfolio is $385, with our proforma market lot rent going up to $475. This portfolio’s value add potential lies in its 7 vacant lots, 5 vacant homes, and rent upside of $95. This portfolio is serviced by public water and sewer in both communities. Tenants in Southern Village are billed back for water and trash on a flat fee. Tenants in Southern Estates are billed back for water and sewer that is sub metered and billed back based on their usage. Tenants pay for their own electricity, directly billed to them. Both communities have dumpsters at the front of the communities that are picked up twice a week. Southern Estates has gravel roads, and Southern Village has paved roads but they are in below average condition and will need to be repaved. Augusta is a regional center of medicine, biotechnology, and cyber security. The population has grown by 6.7% since 2020. There are many employment opportunities for residents, between Augusta University, Fort Gordon, the NSA, and multiple healthcare verticals. Apartment rents have increased by over 8% the last two years in order to match the demand for affordable housing. Augusta is also only two hours away from Atlanta and Charlotte, and only an hour away from Columbia, SC. This two-park portfolio is ideally situated to stay fully occupied as the new owner fills the vacant MH lots and starts new tenants at market rents. We are asking that investors submit offers at $2,400,000, which is an 8.4% cap rate on actuals. This portfolio is being offered as a value-add investment that will require filling vacant lots, vacant homes, responsibly raising rents and improving the communities curb appeal.

Exclusively Listed By

  • Parker Kelly

    Vice President Investments

    Email Parker

    License(s): GA: 385444

    Atlanta

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

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