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Mobile Home Park

Lillipad Acres

114 June Holland Dr, Swansboro, NC 28584

Listing Price: $3,200,000

Cap Rate
4.60%
Number of Spaces
44
Lot Size
14.40 acres
Occupancy
91.1%
Price/Space
$72,727
Spaces/Acre
3.06
Year Built
1980

Investment Overview

Well located in the high growth area of coastal NC, four miles to Hammocks Beach State Park and nine miles to the beautiful beaches of Emerald Isle, Lillipad Acres MHP provides the opportunity to own a stabilized manufactured housing community with upside. Lillipad Acres Mobile Home Park consists of 44 MH Lots. There are 37 rented Park owned homes (POH), 4 Tenant owned homes (TOH), and 1 vacant lot. The average lot rent is $400 and the home rent is $254 above the lot rent. Additionally there are 2 abandoned homes will likely need to be removed. The property is serviced by public water that is directly billed to the tenant. The park is serviced by septic with no known issues. Trash is handled by dumpsters and is paid for by the park owner. The electricity is directly billed to the tenant. Cable is included in the tenants rent. The roads are gravel and in average condition. The Park is NOT in a flood or an opportunity zone. The pricing represents a 4.6% cap rate using all income except POH revenue, at a 35% expense ratio. We are asking investors to submit offers at or above $3,200,000. We expect this park to qualify for re-course community bank debt. Once the park is fully maximized the proforma value is $3,362,000 at a 6% cap rate on lot rent only.

Investment Highlights

  • Direct billed public water
  • Limited affordable housing in the area
  • Park shows well

Exclusively Listed By

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Mobile Home Park

Lillipad Acres

Listing Price: $3,200,000

Cap Rate
4.60%
Number of Spaces
44
Lot Size
14.40 acres
Occupancy
91.1%
Price/Space
$72,727
Spaces/Acre
3.06
Year Built
1980

Investment Highlights

  • Direct billed public water
  • Limited affordable housing in the area
  • Park shows well

Investment Overview

Well located in the high growth area of coastal NC, four miles to Hammocks Beach State Park and nine miles to the beautiful beaches of Emerald Isle, Lillipad Acres MHP provides the opportunity to own a stabilized manufactured housing community with upside. Lillipad Acres Mobile Home Park consists of 44 MH Lots. There are 37 rented Park owned homes (POH), 4 Tenant owned homes (TOH), and 1 vacant lot. The average lot rent is $400 and the home rent is $254 above the lot rent. Additionally there are 2 abandoned homes will likely need to be removed. The property is serviced by public water that is directly billed to the tenant. The park is serviced by septic with no known issues. Trash is handled by dumpsters and is paid for by the park owner. The electricity is directly billed to the tenant. Cable is included in the tenants rent. The roads are gravel and in average condition. The Park is NOT in a flood or an opportunity zone. The pricing represents a 4.6% cap rate using all income except POH revenue, at a 35% expense ratio. We are asking investors to submit offers at or above $3,200,000. We expect this park to qualify for re-course community bank debt. Once the park is fully maximized the proforma value is $3,362,000 at a 6% cap rate on lot rent only.

Exclusively Listed By

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

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