4697 Roundleaf Road
Property Description
Cedar Lane Mobile Home Park consists of 12 tenant owned homes (TOHs) located on 8.2 acres in the Ramseur Submarket of North Carolina. Cedar Lane MHP is being listed in conjunction with the Wilson Mobile Home Park located at 370-371 Star Lane, Sanford, NC (13 TOHs, 2 POHs). The two parks can be purchased jointly or separately. Cedar Lane MHP infrastructure consists of gravel roads and security lighting. The park is serviced by city water and septic tanks (1 to 1 ratio). All utilities are individually metered and paid for by tenants. Trash pickup is paid for by owner ($125 monthly). Current monthly gross operating income is $3,600 ($300 lot rent; $43,200 annual) with a substantial value-add opportunity by increasing rents to market level ($375-$550 lot rent estimate). The proforma NOI, using $450 lot rent, is $60,825 (8.4% cap rate). Cedar Lane MHP is centrally located in North Carolina in the Ramseur Submarket within 30 miles of Greensboro and 60 miles of Raleigh.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $650,000 |
| No. of Units: | 12 |
| Lot Size: | 8.20 Acres |
| Opportunity Zone: | No |
| Price per unit: | $54,167 |
| Property Website | Click Here |
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