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Mobile Home Park

12 Park Portfolio - GA

790 E Pinetree Blvd, Thomasville, GA 31792

Listing Price: $29,300,000

Cap Rate
10.00%
Number of Spaces
544
Lot Size
200.00 acres
Occupancy
81.8%
Price/Space
$53,860
Spaces/Acre
2.72
Year Built
1970

Investment Overview

The 12 Park Portfolio is a value-add opportunity with plenty of up-side in strong southeastern markets. The portfolio has been built around growth markets in Thomasville GA & Tallahassee FL and provides ownership strong efficiencies in the management and marketing of the 12 individual parks. Current occupancy is roughly 81.8%. All markets support higher lot rents, POH rents and 95%+ occupancy. Some parks may have expansion potential.

The portfolio has 544 units, including 6 single family homes, 60 RV lots that are mostly long-term year-round tenants, 478 MH total lots consisting of 83 tenant owned homes (TOH), 298 rented park owned homes (POH), 86 vacant MH lots and 11 vacant POH. The TOH tenants are currently paying an average lot rental rate of $389 per month which is below current market rent. The POH rents are also below market rents, currently averaging only $885. There are 307 park owned homes with an average year of 2005. This includes about 129 homes that are 2016-2024 models.

All parks are year-round, all-age communities and have a variety of utility systems. 9 parks have public water that is direct billed or billed back to the tenant. 3 parks use a well on a bill back. 3 Parks have public sewer, 3 more parks are being connected to public sewer. 6 parks use septic systems (1:1). All systems are in good working order. Only 1 park, Pine Hills, is partially affected by a flood zone, the rest of the parks are not in a flood zone. Two parks are in an opportunity zone. All parks are located in excellent locations near all amenities and employment centers. The roads are paved at most parks and in average condition.

The Southeast remains one of the hottest markets in the US across all real estate verticals. For the past 50 years, population growth in the Southeastern United States has outpaced the country’s overall growth rate by nearly 40%. The nearby MSAs ranks at the top for qualities such as population growth, workforce development, state incentives for companies, provides a good tax climate and access to a large pool of job talent, according to Site Selection, which covers economic development and corporate expansion. The region is now home to more than a quarter of the nation’s residents and a slew of major employers, including dozens of Fortune 500 companies.

With high occupancy, below market rents, and strong markets, this portfolio presents a great opportunity to create more scale or enter into the rapidly growing Southern markets. This portfolio is priced at $32,000,000, roughly a 10.0% global cap rate on owners T12 P&L. Offers structured with cash or bank financing at closing will be considered. Not all offers will be countered. 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.

Investment Highlights

  • Value-Add Cash Flowing Portfolio
  • MSA's With Strong Demand For Affordable Housing
  • POH To TOH Conversion Opportunity

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

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Mobile Home Park

12 Park Portfolio - GA

Listing Price: $29,300,000

Cap Rate
10.00%
Number of Spaces
544
Lot Size
200.00 acres
Occupancy
81.8%
Price/Space
$53,860
Spaces/Acre
2.72
Year Built
1970

Investment Highlights

  • Value-Add Cash Flowing Portfolio
  • MSA's With Strong Demand For Affordable Housing
  • POH To TOH Conversion Opportunity

Investment Overview

The 12 Park Portfolio is a value-add opportunity with plenty of up-side in strong southeastern markets. The portfolio has been built around growth markets in Thomasville GA & Tallahassee FL and provides ownership strong efficiencies in the management and marketing of the 12 individual parks. Current occupancy is roughly 81.8%. All markets support higher lot rents, POH rents and 95%+ occupancy. Some parks may have expansion potential. The portfolio has 544 units, including 6 single family homes, 60 RV lots that are mostly long-term year-round tenants, 478 MH total lots consisting of 83 tenant owned homes (TOH), 298 rented park owned homes (POH), 86 vacant MH lots and 11 vacant POH. The TOH tenants are currently paying an average lot rental rate of $389 per month which is below current market rent. The POH rents are also below market rents, currently averaging only $885. There are 307 park owned homes with an average year of 2005. This includes about 129 homes that are 2016-2024 models. All parks are year-round, all-age communities and have a variety of utility systems. 9 parks have public water that is direct billed or billed back to the tenant. 3 parks use a well on a bill back. 3 Parks have public sewer, 3 more parks are being connected to public sewer. 6 parks use septic systems (1:1). All systems are in good working order. Only 1 park, Pine Hills, is partially affected by a flood zone, the rest of the parks are not in a flood zone. Two parks are in an opportunity zone. All parks are located in excellent locations near all amenities and employment centers. The roads are paved at most parks and in average condition. The Southeast remains one of the hottest markets in the US across all real estate verticals. For the past 50 years, population growth in the Southeastern United States has outpaced the country’s overall growth rate by nearly 40%. The nearby MSAs ranks at the top for qualities such as population growth, workforce development, state incentives for companies, provides a good tax climate and access to a large pool of job talent, according to Site Selection, which covers economic development and corporate expansion. The region is now home to more than a quarter of the nation’s residents and a slew of major employers, including dozens of Fortune 500 companies. With high occupancy, below market rents, and strong markets, this portfolio presents a great opportunity to create more scale or enter into the rapidly growing Southern markets. This portfolio is priced at $32,000,000, roughly a 10.0% global cap rate on owners T12 P&L. Offers structured with cash or bank financing at closing will be considered. Not all offers will be countered. 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.

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

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

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