Investment Overview

Marcus & Millichap is pleased to present this cash-flowing, stabilized with upside, five-park, 105-unit manufactured housing community portfolio located in New Bern, NC (Craven County). New Bern is the county seat of Craven County and a regional economic hub in Eastern North Carolina. The local economy is anchored by Marine Corps Air Station Cherry Point, Carolina East Medical Center, and Weyerhaeuser, providing a stable employment base. Population growth of approximately 13.8% since 2020 (to ~35,658 residents and sustained in-migration have driven demand for affordable housing. The portfolio is 105 total units, consisting of 55 tenant owned homes (TOH, 33 rented park owned homes (POH, 9 vacant POH, and 8 vacant manufactured housing lots. The average lot rental rate per month is $575 and the average POH rent above lot rent is $649. Current occupancy is approximately 84% (88 of 105 units occupied, with the 9 vacant POH presenting immediate upside opportunity. The parks are all serviced by public water billed directly to tenants. Four of the five parks are serviced by public sewer billed directly to tenants, and Double R MHP is serviced by septic that is paid for by the landlord. Four of the five parks are serviced by curbside trash bins billed directly to tenants, and Shanks MHP is serviced by dumpster paid by the landlord. Landlord mows common areas at all parks. Three of the parks have paved roads and driveways, one park has paved roads with gravel driveways, and one park has gravel roads with gravel driveways. All the roads are privately maintained. Bernwood MHP is NOT in a flood zone. Shanks MHP is in a flood zone. Airport, Cook, and Double R MHP are partially in flood zones, but very few homes are affected. None of the parks are in an opportunity zone. This portfolio is being offered at a purchase price of $7,500,000. All offers must include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant real estate experience.