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Mobile Home Park

Greyson Grove MHP

1319 Goldrock Rd, Rocky Mount, NC 27804

Listing Price: $4,250,000

Cap Rate
5.60%
Number of Spaces
76
Lot Size
15.00 acres
Occupancy
91.0%
Price/Space
$55,921
Spaces/Acre
5.07
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to present Greyson Grove MHP, a stabilized, turn-key cash flowing investment with 76 units on 15 acres.

This community is centrally located in the fast-growing Rocky Mount NC MSA with close proximity to
Raleigh & Durham, providing residents with a great place to live, raise a family and also find employment.
The Rocky Mount NC MSA has over 144K+ people living there, providing a well-trained and productive work force that enhances the area’s diverse employment base. Pfizer pharmaceuticals factory (2,800 jobs), major Cummins diesel engine factory (1,800 employees), several hospitals, a college (NC Wesleyan), and a growing economic base linked to NC’s tech-driven Research Triangle, one hour away in Raleigh-Durham.

There are 76 total lots with 69 currently rented: 69 tenant owned homes (TOH) and 7 vacant lots. Current
occupied TOH’s are rented for an average of $340 a month. Upon buyer’s removal of contingencies at the
completion of the due diligence period, the seller will issue a rental increase notice to the tenants raising
rents to a level that the buyer will dictate. Seller will agree to close on the sale after the effective date of
said rent increase. The overall market may be able to support higher rents based on population growth,
limited affordable housing supply and growing demand in this market.

Greyson Grove MHP is serviced by public utilities that are directly paid by the tenants. Curbside trash is also paid by the tenants. All utility systems are in good working order. The roads are private-paved and were substantially updated and improved in 2024. The park is not affected by a flood zone and is not in an
opportunity zone.

With 91% occupancy, public utilities, and a growing market with strong demand for affordable housing, this investment presents a great opportunity for a first-time buyer on a stabilized TOH asset or an existing MHC investor to create more scale. The asking price is $4,250,000. 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

  • Turn-Key Stabilized Asset
  • 91% Occupancy
  • Strong Demand For Affordable Housing

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

Greyson Grove MHP

Listing Price: $4,250,000

Cap Rate
5.60%
Number of Spaces
76
Lot Size
15.00 acres
Occupancy
91.0%
Price/Space
$55,921
Spaces/Acre
5.07
Year Built
1980

Investment Highlights

  • Turn-Key Stabilized Asset
  • 91% Occupancy
  • Strong Demand For Affordable Housing

Investment Overview

Marcus & Millichap is pleased to present Greyson Grove MHP, a stabilized, turn-key cash flowing investment with 76 units on 15 acres. This community is centrally located in the fast-growing Rocky Mount NC MSA with close proximity to Raleigh & Durham, providing residents with a great place to live, raise a family and also find employment. The Rocky Mount NC MSA has over 144K+ people living there, providing a well-trained and productive work force that enhances the area’s diverse employment base. Pfizer pharmaceuticals factory (2,800 jobs), major Cummins diesel engine factory (1,800 employees), several hospitals, a college (NC Wesleyan), and a growing economic base linked to NC’s tech-driven Research Triangle, one hour away in Raleigh-Durham. There are 76 total lots with 69 currently rented: 69 tenant owned homes (TOH) and 7 vacant lots. Current occupied TOH’s are rented for an average of $340 a month. Upon buyer’s removal of contingencies at the completion of the due diligence period, the seller will issue a rental increase notice to the tenants raising rents to a level that the buyer will dictate. Seller will agree to close on the sale after the effective date of said rent increase. The overall market may be able to support higher rents based on population growth, limited affordable housing supply and growing demand in this market. Greyson Grove MHP is serviced by public utilities that are directly paid by the tenants. Curbside trash is also paid by the tenants. All utility systems are in good working order. The roads are private-paved and were substantially updated and improved in 2024. The park is not affected by a flood zone and is not in an opportunity zone. With 91% occupancy, public utilities, and a growing market with strong demand for affordable housing, this investment presents a great opportunity for a first-time buyer on a stabilized TOH asset or an existing MHC investor to create more scale. The asking price is $4,250,000. 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

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