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Mobile Home Park

Lynchburg Estates

2521 Suburban Rd, Lynchburg, VA 24501

Listing Price: $5,400,000

Cap Rate
5.40%
Number of Spaces
91
Lot Size
47.40 acres
Occupancy
75.8%
Price/Space
$59,341
Spaces/Acre
1.92
Year Built
1970

Investment Overview

Marcus & Millichap is excited to present Lynchburg Estates, a 90-unit manufactured home community plus a NNN leased commercial building that is located in the thriving city of Lynchburg, VA. This well-maintained community presents significant upside potential. Lynchburg has a growing population of 78,973, with a 25% year-over-year growth rate, while the Lynchburg MSA boasts a population of 261,232 and continues to expand rapidly. Strategically positioned, Lynchburg benefits from proximity to Washington DC, and North Carolina, making it an attractive market for future development initiatives.

Lynchburg Estates has 90 active MH lots including 68 tenant owned homes, 0 park owned homes and 22 vacant MH lots. The average lot rental rate is $395 per month with significant opportunity to increase revenues due to a limited affordable housing supply and growing demand in this market. Also included is a long-term tenant in a commercial unit with a 3-year NNN lease.

The community operates on well water and septic systems, which are fully maintained by the park. Tenants are responsible for all utility payments, and curbside trash service is billed back to the residents. Roads and driveways within the park have been recently repaved and are in excellent condition, enhancing both the value and appeal of the property. Additionally, recent tree trimming and general park beautification projects have been completed and now provide added convenience and safety for tenants, making this community an even more attractive living environment.

Lynchburg Estates is currently managed by an onsite manager who oversees day-to-day operations. This community is priced at $5,400,000, including all park-owned homes, and presents a value-add opportunity for investors looking to acquire a cash-flowing asset with further upside potential. Both conventional recourse, non-recourse and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, and a list of due diligence
requirements.

Investment Highlights

  • Cash Flowing Upon Entry
  • 25%+ Local Population Growth
  • 76% Occupancy

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Mobile Home Park

Lynchburg Estates

Listing Price: $5,400,000

Cap Rate
5.40%
Number of Spaces
91
Lot Size
47.40 acres
Occupancy
75.8%
Price/Space
$59,341
Spaces/Acre
1.92
Year Built
1970

Investment Highlights

  • Cash Flowing Upon Entry
  • 25%+ Local Population Growth
  • 76% Occupancy

Investment Overview

Marcus & Millichap is excited to present Lynchburg Estates, a 90-unit manufactured home community plus a NNN leased commercial building that is located in the thriving city of Lynchburg, VA. This well-maintained community presents significant upside potential. Lynchburg has a growing population of 78,973, with a 25% year-over-year growth rate, while the Lynchburg MSA boasts a population of 261,232 and continues to expand rapidly. Strategically positioned, Lynchburg benefits from proximity to Washington DC, and North Carolina, making it an attractive market for future development initiatives. Lynchburg Estates has 90 active MH lots including 68 tenant owned homes, 0 park owned homes and 22 vacant MH lots. The average lot rental rate is $395 per month with significant opportunity to increase revenues due to a limited affordable housing supply and growing demand in this market. Also included is a long-term tenant in a commercial unit with a 3-year NNN lease. The community operates on well water and septic systems, which are fully maintained by the park. Tenants are responsible for all utility payments, and curbside trash service is billed back to the residents. Roads and driveways within the park have been recently repaved and are in excellent condition, enhancing both the value and appeal of the property. Additionally, recent tree trimming and general park beautification projects have been completed and now provide added convenience and safety for tenants, making this community an even more attractive living environment. Lynchburg Estates is currently managed by an onsite manager who oversees day-to-day operations. This community is priced at $5,400,000, including all park-owned homes, and presents a value-add opportunity for investors looking to acquire a cash-flowing asset with further upside potential. Both conventional recourse, non-recourse and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, and a list of due diligence requirements.

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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