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Mobile Home Park

Pineview Circle

145 Pineview Cir, Wadesboro, NC 28170

Listing Price: $800,000

Cap Rate
4.31%
Number of Spaces
34
Lot Size
21.80 acres
Occupancy
76.5%
Price/Space
$23,529
Spaces/Acre
1.56
Year Built
1980

Investment Overview

Located in an opportunity zone, approximately 50 miles east of downtown Charlotte NC in Wadesboro. Pineview Circle MHP is an all-ages manufactured home community with achievable upside through infilling lots and raising rents to market. This community consists of 34 mobile home lots with mostly land lease tenants. There are 26 tenants, 20 tenant owned homes, 6 park owned homes, 8 vacant lots. The average lot rent is $199 per month which is about $50 below market. The average POH rent is $655 per month including the lot rent. The park is currently at 76% occupancy. Pineview Circle MHP has directly billed public water and private sewer on 1 to 1 septic. Electric is directly billed to tenants. Trash is provided by a dumpster. Trash and sewer are included in rent. Roads are gravel and in good condition and regularly maintained twice a year by the seller. The park owned homes are 90s models with extensive remodeling. The park is not located in a flood zone. Additionally, there are also 4 extra lots on the property that could be added to the total lot count after the septic tanks are located underground. These 4 lots were not calculated in our pricing. We are asking that investors submit offers at or above $800,000 which represents a 4.3% cap rate on current lot rental income only with a proforma caprate of 12.6%. We have indications that this mobile home park should qualify for community bank financing at 65% loan to value, 4.25% interest, 25 year amortization, and a 5 year term.

Investment Highlights

  • 76% of MH lots are TOHs
  • Low cost of living for local area
  • Achievable Upside in rents and occupancy

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

Pineview Circle

Listing Price: $800,000

Cap Rate
4.31%
Number of Spaces
34
Lot Size
21.80 acres
Occupancy
76.5%
Price/Space
$23,529
Spaces/Acre
1.56
Year Built
1980

Investment Highlights

  • 76% of MH lots are TOHs
  • Low cost of living for local area
  • Achievable Upside in rents and occupancy

Investment Overview

Located in an opportunity zone, approximately 50 miles east of downtown Charlotte NC in Wadesboro. Pineview Circle MHP is an all-ages manufactured home community with achievable upside through infilling lots and raising rents to market. This community consists of 34 mobile home lots with mostly land lease tenants. There are 26 tenants, 20 tenant owned homes, 6 park owned homes, 8 vacant lots. The average lot rent is $199 per month which is about $50 below market. The average POH rent is $655 per month including the lot rent. The park is currently at 76% occupancy. Pineview Circle MHP has directly billed public water and private sewer on 1 to 1 septic. Electric is directly billed to tenants. Trash is provided by a dumpster. Trash and sewer are included in rent. Roads are gravel and in good condition and regularly maintained twice a year by the seller. The park owned homes are 90s models with extensive remodeling. The park is not located in a flood zone. Additionally, there are also 4 extra lots on the property that could be added to the total lot count after the septic tanks are located underground. These 4 lots were not calculated in our pricing. We are asking that investors submit offers at or above $800,000 which represents a 4.3% cap rate on current lot rental income only with a proforma caprate of 12.6%. We have indications that this mobile home park should qualify for community bank financing at 65% loan to value, 4.25% interest, 25 year amortization, and a 5 year term.

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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