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Mobile Home Park

2 Park Portfolio - Eastern NC

1197 Onslow Pines Rd, Jacksonville, NC 28540

Listing Price: Request For Offer

Number of Spaces
88
Lot Size
25.10 acres
Occupancy
69.0%
Spaces/Acre
3.51
Year Built
1980

Investment Overview

We are pleased to present the 2 Park Portfolio in Eastern North Carolina. The portfolio consists of 88 units, 74 MH lots and 13 RV lots, with exceptional upside in infill and rents. The Jacksonville NC metro is the home to a host of military bases with an approximate 180,000 personnel and has seen 13.9% population growth since 2020. The communities are centered around high growth markets with limited affordable housing available making this an opportunity for faster turnover and infill. Located in the counties o Onslow and Lenoir, the Lenoir community is less than ten minutes rom downtown Kinston and sits on US Highway 55. The current occupancy is 68.5%. The Scott Avenue MHP is less than a 10-minute drive rom downtown Jacksonville and has an occupancy o 56.2%. The overall market can support significantly higher lot rents and occupancy based on limited affordable housing and rising apartment rents. This portfolio’s strong value-add potential lies in its 34 vacant units and average lot rent of $185. This portfolio is a tenant owned home majority with 54 occupied units and 34 vacant lots. There are 46 TOH with 2 POH and 1 RTO. Of the RV lots, there are 5 occupied and 8 vacant. Tenant owned home lot rents average $185, park owned home rents are $345, and RV rents in Lenoir MHC average $360. Tenants pay their own water and electricity, directly billed to them. Both communities include trash and sewer into rents. Lenoir MHC has curbside trash cans while Scott Avenue MHP has a dumpster trash service. Both communities operate on septic that is owned and maintained by the park. The City o Kinston services New Bern and Jacksonville with labor workers who benefit rom a reduced cost of living in comparison to the rest of North Carolina. The commute from Kinston to New Bern is 35 minutes, but has housing costs at nearly half that of New Bern and Jacksonville. Apartment rents for the two larger cities have surged to match the increasing demand from population growth. However, the mobile home communities have been less responsive to this rent growth leaving many parks below market rents. This two-park portfolio is ideally situated to stay fully occupied as the new owner fills the vacant MH lots and starts new tenants at market rents. We are asking that investors submit offers at $1,550,000. This portfolio is quoted to be financeable at 70% LTV, 4.5 - 5% interest rate, 10 yr. term with 25 yr. amortization, and potentially a 1-year interest only period. This portfolio is being offered as a value add investment that will require filling vacant lots and responsibly raising rents.

Investment Highlights

  • Majority TOH community
  • Below market rents
  • Low-cost areas of living in high growth markets

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

2 Park Portfolio - Eastern NC

Listing Price: Request For Offer

Number of Spaces
88
Lot Size
25.10 acres
Occupancy
69.0%
Spaces/Acre
3.51
Year Built
1980

Investment Highlights

  • Majority TOH community
  • Below market rents
  • Low-cost areas of living in high growth markets

Investment Overview

We are pleased to present the 2 Park Portfolio in Eastern North Carolina. The portfolio consists of 88 units, 74 MH lots and 13 RV lots, with exceptional upside in infill and rents. The Jacksonville NC metro is the home to a host of military bases with an approximate 180,000 personnel and has seen 13.9% population growth since 2020. The communities are centered around high growth markets with limited affordable housing available making this an opportunity for faster turnover and infill. Located in the counties o Onslow and Lenoir, the Lenoir community is less than ten minutes rom downtown Kinston and sits on US Highway 55. The current occupancy is 68.5%. The Scott Avenue MHP is less than a 10-minute drive rom downtown Jacksonville and has an occupancy o 56.2%. The overall market can support significantly higher lot rents and occupancy based on limited affordable housing and rising apartment rents. This portfolio’s strong value-add potential lies in its 34 vacant units and average lot rent of $185. This portfolio is a tenant owned home majority with 54 occupied units and 34 vacant lots. There are 46 TOH with 2 POH and 1 RTO. Of the RV lots, there are 5 occupied and 8 vacant. Tenant owned home lot rents average $185, park owned home rents are $345, and RV rents in Lenoir MHC average $360. Tenants pay their own water and electricity, directly billed to them. Both communities include trash and sewer into rents. Lenoir MHC has curbside trash cans while Scott Avenue MHP has a dumpster trash service. Both communities operate on septic that is owned and maintained by the park. The City o Kinston services New Bern and Jacksonville with labor workers who benefit rom a reduced cost of living in comparison to the rest of North Carolina. The commute from Kinston to New Bern is 35 minutes, but has housing costs at nearly half that of New Bern and Jacksonville. Apartment rents for the two larger cities have surged to match the increasing demand from population growth. However, the mobile home communities have been less responsive to this rent growth leaving many parks below market rents. This two-park portfolio is ideally situated to stay fully occupied as the new owner fills the vacant MH lots and starts new tenants at market rents. We are asking that investors submit offers at $1,550,000. This portfolio is quoted to be financeable at 70% LTV, 4.5 - 5% interest rate, 10 yr. term with 25 yr. amortization, and potentially a 1-year interest only period. This portfolio is being offered as a value add investment that will require filling vacant lots and responsibly raising rents.

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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