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Mobile Home Park

Greenwood MHP

922 Hill St, LaGrange, GA 30241

Listing Price: $3,350,000

Cap Rate
4.90%
Number of Spaces
57
Lot Size
9.14 acres
Occupancy
100.0%
Price/Space
$58,772
Spaces/Acre
6.24
Year Built
1990

Investment Overview

Greenwood MHP, a 57 Lot, manufactured home community. This stable asset has upside opportunities in a fast-growing city & MSA . The community sits just 1 mile from the center of Downtown LaGrange, with access to all that the city has to offer and its just one hour south of the Atlanta International Airport. Currently there are massive residential developments happening all around the park. This community has 56 active MH lots plus an additional single-family house for a total of 57 units. The park consists of all tenant owned homes that currently pay a lot rent of $325 per month, which is below current market rent at $425 according to our rent survey and based on limited affordable housing supply and growing demand in this market. Greenwood MHP is a quality, clean, stabilized asset with tenants that are directly billed from the municipality for public water, sewer, trash and electric utility systems. All systems are in good working order. There are 0 park owned homes and 0 Rent- To-Own unit, all units are tenant owned. The privately maintained roads have just been re-paved as of December 2021 and are in excellent, new condition as our offering price and capital expenditure schedule reflect. There is currently a 3rd party local management group that the owner has used for the last 5 years that would stay on for the next operator. The current owner has been able to run and manage this park from California, where he lives, with the help of this local management company. The park is located in an excellent location near amenities and employment centers. Greenwood is not affected by a flood zone, but is in an opportunity zone. LaGrange, GA MSA has grown 5.8% since the end of 2019 and now has over 100,000 people. The state’s population has grown 7.8% from the end of 2019 and now has almost 11 million residents (8th most populated state). Greenwood MHP is being offered as a stabilized investment with an entry cap rate of 4.9%, with a pro-forma 6.8% cap rate. This is assuming market level debt financing and achievable business plan execution. This deal can qualify for non-recourse Fannie Mae financing.

Investment Highlights

  • All Tenant Owned Homes
  • Public Water, Sewer, Trash Directly Billed to Tenants
  • Opportunity Zone

Exclusively Listed By

  • Parker Kelly

    Senior Associate

    Email Parker

    License(s): GA: 385444

    Atlanta

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

Mobile Home Park

Greenwood MHP

Listing Price: $3,350,000

Cap Rate
4.90%
Number of Spaces
57
Lot Size
9.14 acres
Occupancy
100.0%
Price/Space
$58,772
Spaces/Acre
6.24
Year Built
1990

Investment Highlights

  • All Tenant Owned Homes
  • Public Water, Sewer, Trash Directly Billed to Tenants
  • Opportunity Zone

Investment Overview

Greenwood MHP, a 57 Lot, manufactured home community. This stable asset has upside opportunities in a fast-growing city & MSA . The community sits just 1 mile from the center of Downtown LaGrange, with access to all that the city has to offer and its just one hour south of the Atlanta International Airport. Currently there are massive residential developments happening all around the park. This community has 56 active MH lots plus an additional single-family house for a total of 57 units. The park consists of all tenant owned homes that currently pay a lot rent of $325 per month, which is below current market rent at $425 according to our rent survey and based on limited affordable housing supply and growing demand in this market. Greenwood MHP is a quality, clean, stabilized asset with tenants that are directly billed from the municipality for public water, sewer, trash and electric utility systems. All systems are in good working order. There are 0 park owned homes and 0 Rent- To-Own unit, all units are tenant owned. The privately maintained roads have just been re-paved as of December 2021 and are in excellent, new condition as our offering price and capital expenditure schedule reflect. There is currently a 3rd party local management group that the owner has used for the last 5 years that would stay on for the next operator. The current owner has been able to run and manage this park from California, where he lives, with the help of this local management company. The park is located in an excellent location near amenities and employment centers. Greenwood is not affected by a flood zone, but is in an opportunity zone. LaGrange, GA MSA has grown 5.8% since the end of 2019 and now has over 100,000 people. The state’s population has grown 7.8% from the end of 2019 and now has almost 11 million residents (8th most populated state). Greenwood MHP is being offered as a stabilized investment with an entry cap rate of 4.9%, with a pro-forma 6.8% cap rate. This is assuming market level debt financing and achievable business plan execution. This deal can qualify for non-recourse Fannie Mae financing.

Exclusively Listed By

  • Parker Kelly

    Senior Associate

    Email Parker

    License(s): GA: 385444

    Atlanta

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

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

    Charlotte Uptown

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