Investment Overview

Marcus & Millichap is pleased to present Pleasant Acres MHC, a cash flowing value-add investment with 217 MH lots on 102 acres. This asset has multiple upside opportunities including rent upside, occupancy and home sales. The community is centrally located in Dudley, NC, one hour southeast of Raleigh, providing convenient access to the economic and cultural amenities of the Raleigh-Durham MSA. This strategic location not only offers residents a desirable living environment but also allows for easy commuting to Raleigh’s robust job market. The Goldsboro NC MSA, with over 117K+ residents, boasts a well-trained and productive workforce that enhances the area’s diverse employment base. There are 178 lots currently rented: 107 tenant owned homes (TOH) and 52 rented park owned homes (POH), 19 rent to own (RTO POH) and 1 office unit. There are also 38 vacant lots that are all home ready. 5 of the rent to own homes are brand new 2023, 16 X 76 models. The existing POH’s are renting for an average of $678 a month. The overall market should be able to support substantially higher rents based on limited affordable housing supply and growing demand in this market. Pleasant Acres MHC contains roughly half acre lots and each are serviced by public water directly paid by the tenants, private sewer (septic) included in the rent, and curbside trash paid by the landlord. All utility systems are in good working order. The roads are private and paved and in average condition. The park is not affected by a flood zone and is not in an opportunity zone. With 82% occupancy, below market rents, and a strong market, this investment presents a great opportunity to create more scale or enter into the rapidly growing Carolina markets. This community is priced at $10,000,000, including all park-owned homes and RTO notes 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.