Mobile Home Park

Fairview MHC & Cheoah Village

624 Fairview Rd, Andrews, NC 28901

Listing Price: $1,000,000

Cap Rate
6.06%
Number of Spaces
57
Lot Size
6.00 acres
Occupancy
71.90%
Price/Space
$17,544
Spaces/Acre
9.50
Year Built
2000

Investment Overview

Fairview MHC and Cheoah Village MHC are occupied by tenant owned homes only, are on public water and sewer that are billed directly to tenants, and present significant upside in rents and infill. Fairview MHC consists of 22 MH lots with 17 tenant owned homes (TOH), 2 abandoned homes, and 3 vacant lots. The lot rent is $175. Cheoah Village MHC consists of 35 MH lots with 24 TOH’s and 11 vacant lots. The Lot rent is $230. Cheoah Village is in an opportunity zone. Neither of the parks are in a flood zone. Both parks are serviced by public water and sewer that are billed directly to tenants. Electricity is also direct billed. The roads in both parks are paved and in average condition. Trash is the responsibility of the tenant, and is brought off-site to be disposed of. The pricing represents a 6.06% cap rate using lot rent income on actuals using a 39.9% expense ratio. We are asking investors to submit offers at or above $1,000,000. The communities should qualify for conventional recourse bank financing from a local bank. By reaching a lot rent of $300 in both parks, an investor’s cash on cash return increases to 17.35%. Our underwriting suggests that once the parks are 100% occupied and at $300 lot rents, an investor can exit the properties at a 7% cap rate for $2,074,000.

Investment Highlights

  • Public water/sewer billed directly to tenants
  • Lot Rent Only - 100% Tenant owned homes
  • Opportunity to infill vacant lots

Exclusively Listed By

  • Glenn D. Esterson

    Vice President Investments

    Email Glenn

    License(s): GA: 355850

    Charlotte Uptown

  • Dylan Hellberg

    Associate

    (843) 952-2264

    Email Dylan

    License(s): SC: 115377

    Charleston

Mobile Home Park

Fairview MHC & Cheoah Village

Listing Price: $1,000,000

Cap Rate
6.06%
Number of Spaces
57
Lot Size
6.00 acres
Occupancy
71.90%
Price/Space
$17,544
Spaces/Acre
9.50
Year Built
2000

Investment Highlights

  • Public water/sewer billed directly to tenants
  • Lot Rent Only - 100% Tenant owned homes
  • Opportunity to infill vacant lots

Investment Overview

Fairview MHC and Cheoah Village MHC are occupied by tenant owned homes only, are on public water and sewer that are billed directly to tenants, and present significant upside in rents and infill. Fairview MHC consists of 22 MH lots with 17 tenant owned homes (TOH), 2 abandoned homes, and 3 vacant lots. The lot rent is $175. Cheoah Village MHC consists of 35 MH lots with 24 TOH’s and 11 vacant lots. The Lot rent is $230. Cheoah Village is in an opportunity zone. Neither of the parks are in a flood zone. Both parks are serviced by public water and sewer that are billed directly to tenants. Electricity is also direct billed. The roads in both parks are paved and in average condition. Trash is the responsibility of the tenant, and is brought off-site to be disposed of. The pricing represents a 6.06% cap rate using lot rent income on actuals using a 39.9% expense ratio. We are asking investors to submit offers at or above $1,000,000. The communities should qualify for conventional recourse bank financing from a local bank. By reaching a lot rent of $300 in both parks, an investor’s cash on cash return increases to 17.35%. Our underwriting suggests that once the parks are 100% occupied and at $300 lot rents, an investor can exit the properties at a 7% cap rate for $2,074,000.

Exclusively Listed By

  • Glenn D. Esterson

    Vice President Investments

    Email Glenn

    License(s): GA: 355850

    Charlotte Uptown

  • Dylan Hellberg

    Associate

    (843) 952-2264

    Email Dylan

    License(s): SC: 115377

    Charleston

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