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Mobile Home Park

Pleasant Acres

101 S Running Deer Cir, Dudley, NC 28333

Listing Price: Request For Offer

Number of Spaces
217
Lot Size
102.29 acres
Occupancy
71.0%
Spaces/Acre
2.12
Year Built
1970

Investment Overview

We are pleased to present Pleasant Acres, a cash flowing value-add investment with 217 active 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 Raliegh. This location provides residents with a great place to live, raise a family and also find employment. The Goldsboro NC MSA has over 117K+ people living there, providing a well-trained and productive work force that enhances the areas diverse employment base.

There are 154 lots currently rented: 77 tenant owned homes (TOH) and 71 rented park owned homes (POH) and 6 rent to own (RTO POH). Of the remaining 63 lots, there are 27 vacant POHs and 36 vacant lots. All of the 36 vacant lots are home ready. 10 of the vacant park owned homes are brand new 2023, 16 X 76 models, ready for immediate rent. 2 additional permitted but unimproved lots exist next to office unit that are not included in the lot count. The existing POH’s are renting for an average of $620 a month. The overall market should be able to support higher rents based on limited affordable housing supply and growing demand in this market.

Pleasant Acres 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 71% 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. We are asking investors to submit their best offers, as no pricing guidance will be given. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.

Location Information:
Wayne County, NC neighbors Duplin near Goldsboro metropolitan center giving a 2020 estimated population standing at 117,692. Its county seat is Goldsboro. Historically, the largest industries in Wayne County have been health care and social assistance, aerospace, and retail trade. In recent years, these sectors have been complimented by manufacturing, public administration, and education.

According to the most recent census data, Wayne County has a population of 117K+ people, with a median household income of $49K+ annually, and a median home price of $146K.

Investment Highlights

  • Upside Potential Through Infill
  • 71% Occupancy
  • Achievable Rent Growth

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

Mobile Home Park

Pleasant Acres

Listing Price: Request For Offer

Number of Spaces
217
Lot Size
102.29 acres
Occupancy
71.0%
Spaces/Acre
2.12
Year Built
1970

Investment Highlights

  • Upside Potential Through Infill
  • 71% Occupancy
  • Achievable Rent Growth

Investment Overview

We are pleased to present Pleasant Acres, a cash flowing value-add investment with 217 active 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 Raliegh. This location provides residents with a great place to live, raise a family and also find employment. The Goldsboro NC MSA has over 117K+ people living there, providing a well-trained and productive work force that enhances the areas diverse employment base. There are 154 lots currently rented: 77 tenant owned homes (TOH) and 71 rented park owned homes (POH) and 6 rent to own (RTO POH). Of the remaining 63 lots, there are 27 vacant POHs and 36 vacant lots. All of the 36 vacant lots are home ready. 10 of the vacant park owned homes are brand new 2023, 16 X 76 models, ready for immediate rent. 2 additional permitted but unimproved lots exist next to office unit that are not included in the lot count. The existing POH’s are renting for an average of $620 a month. The overall market should be able to support higher rents based on limited affordable housing supply and growing demand in this market. Pleasant Acres 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 71% 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. We are asking investors to submit their best offers, as no pricing guidance will be given. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience. Location Information: Wayne County, NC neighbors Duplin near Goldsboro metropolitan center giving a 2020 estimated population standing at 117,692. Its county seat is Goldsboro. Historically, the largest industries in Wayne County have been health care and social assistance, aerospace, and retail trade. In recent years, these sectors have been complimented by manufacturing, public administration, and education. According to the most recent census data, Wayne County has a population of 117K+ people, with a median household income of $49K+ annually, and a median home price of $146K.

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

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