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Mobile Home Park

Blackmon Mobile Home Park

71 Galilee Rd, Smithfield, NC 27577

Listing Price: $925,000

Cap Rate
10.06%
Number of Spaces
20
Lot Size
2.14 acres
Occupancy
90.0%
Price/Space
$46,250
Spaces/Acre
9.35
Year Built
1970

Investment Overview

The property is an 18-unit manufactured housing community, with 2 additional single-family homes, located Southwest of desirable and growing Raleigh, North Carolina. All homes are park owned, creating lot and home revenue for the property. Sewer is on public service. Water is provided through the park owned well, with the option to connect to public service. With proximity to Raleigh, access to the US70/I95 junction, and economic generators, the asset is excellently positioned to leverage the growth of the Raleigh metropolitan statistical area and Southeast market. Amazon is launching the new Smithfield processing center in 2022, adding a planned 500 jobs to the direct market. The community is situated on 2 parcels, totaling 2.14+/- acres. The established tenant base, averaging 8+/- years residency, supports consistent revenue and limited turnover costs. The 2 vacant units, direct utility billing opportunities, and rent adjustments provide upside potential for future ownership. Residents of Blackmon’s Mobile Home Park enjoy an established community, a growing economy, close shopping areas, and parks, combined with easy accessibility to major roads, Raleigh, and surrounding areas. The rent potential, established cash flows, and growth of the Raleigh/Smithfield market provide a compelling basis for attractive returns with this investment opportunity.

Investment Highlights

  • Smithfield is Projected to Grow Over 11% in Next 5 Years, Directly Benefitting From it's Proximity to Raleigh.
  • Domestic and International Investment is Driving Economic Growth in the Area, as Evidenced by Amazon's New Facility Only 13 Miles From the MHP.
  • Established and Consistent Cash Flows Coupled With Value-Add Potential Through Direct Utility Billing, Organic Rent Growth, and Placing Two Units Back On-Line.

Exclusively Listed By

Mobile Home Park

Blackmon Mobile Home Park

Listing Price: $925,000

Cap Rate
10.06%
Number of Spaces
20
Lot Size
2.14 acres
Occupancy
90.0%
Price/Space
$46,250
Spaces/Acre
9.35
Year Built
1970

Investment Highlights

  • Smithfield is Projected to Grow Over 11% in Next 5 Years, Directly Benefitting From it's Proximity to Raleigh.
  • Domestic and International Investment is Driving Economic Growth in the Area, as Evidenced by Amazon's New Facility Only 13 Miles From the MHP.
  • Established and Consistent Cash Flows Coupled With Value-Add Potential Through Direct Utility Billing, Organic Rent Growth, and Placing Two Units Back On-Line.

Investment Overview

The property is an 18-unit manufactured housing community, with 2 additional single-family homes, located Southwest of desirable and growing Raleigh, North Carolina. All homes are park owned, creating lot and home revenue for the property. Sewer is on public service. Water is provided through the park owned well, with the option to connect to public service. With proximity to Raleigh, access to the US70/I95 junction, and economic generators, the asset is excellently positioned to leverage the growth of the Raleigh metropolitan statistical area and Southeast market. Amazon is launching the new Smithfield processing center in 2022, adding a planned 500 jobs to the direct market. The community is situated on 2 parcels, totaling 2.14+/- acres. The established tenant base, averaging 8+/- years residency, supports consistent revenue and limited turnover costs. The 2 vacant units, direct utility billing opportunities, and rent adjustments provide upside potential for future ownership. Residents of Blackmon’s Mobile Home Park enjoy an established community, a growing economy, close shopping areas, and parks, combined with easy accessibility to major roads, Raleigh, and surrounding areas. The rent potential, established cash flows, and growth of the Raleigh/Smithfield market provide a compelling basis for attractive returns with this investment opportunity.

Exclusively Listed By

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