370 and 371 Star Lane
Property Description
Wilson Mobile Home Park consists of 14 tenant owned homes (TOHs) and 1 park owned homes (POHs) located on 13.04 acres in the Sanford Submarket of North Carolina. Wilson MHP is being listed in conjunction with the Cedar Lane Mobile Home Park located at 4697 Roundleaf Rd., Ramseur, NC (12 TOHs). The two parks can be purchased jointly or separately. Wilson MHP infrastructure consists of a gravel road and security lighting. The park is serviced by county water and septic tanks (1 to 1 ratio). Water is privately individually metered. However, water is currently paid for by the owner. The future owner could bill water directly to tenants, offsetting expenses by $7,500+. Current monthly gross operating income is $5,500 ($66,000 annual; $350 lot rent; and $600 for POHs) with substantial value-add opportunities by increasing rents to market level ($450-$650 lot rent estimate) and billing water usage directly to tenants. The proforma NOI, using $500 lot rent, is $78,011 (7.8% cap rate). Wilson MHP is centrally located in North Carolina in the Sanford Submarket within 50 miles of Raleigh and 40 miles of Fayetteville.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $995,000 |
| No. of Units: | 15 |
| Lot Size: | 13.04 Acres |
| Opportunity Zone: | No |
| Price per unit: | $66,333 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
1526 Stovall Street, Unit 0
Augusta, Georgia
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout