Investment Overview

The Esterson MHC Team is pleased to present Mountain Cribbs MHC, a 15-unit manufactured housing community in Asheville, NC, offering a stabilized investment opportunity with strong upside potential. Asheville, NC, is a high-demand market known for its strong economy, tourism industry, and growing population. The region benefits from a thriving job market supported by major employers in healthcare, education, and advanced manufacturing. With median home prices in the Asheville MSA exceeding $400,000 and 3-bedroom apartment rents averaging $1,850 per month, demand for affordable housing options such as manufactured home communities remains strong. Mountain Cribbs MHC consists of 15 total rental units, including 12 rented park-owned homes (POH), 2 rented apartment units (duplex), and 1 vacant MH lot available for infill. The average MH lot rent is $500 with POH rent averaging $863 including lot rent. The two apartment units rent for $850 per month. All rents are significantly below market. The park-owned homes are older models in average condition, but can handle significantly higher rents and/or can be converted to tenant owned homes (TOH). Mountain Cribbs MHC is serviced by public water, a septic sewer system, and curbside trash pickup, all paid for by the landlord and included in rent. Electricity is paid by the tenants and billed directly. The roads are private and paved. The park is NOT in a flood zone and is NOT in an opportunity zone. This value-add investment is being offered at a price of $1,300,000 with seller financing being offered with 35% down, 6% I/O, with a 3 year term. All offers must include price, inspection timelines, appropriate terms, proof of funds, and relevant real estate experience.