402 Kasey Circle

• 275 sites in Sharpsburg, North Carolina – Wilson County
• 50% occupancy – tremendous opportunity to infill new homes to drive occupancy and improve the community
• $389 per month average site rents – submarket average $450 per month
• City water and sewer service plus all utilities are direct billed to residents
• Community roads are owned/maintained by the city

Property Description

Weaver Estates represents a unique opportunity for an experienced manufactured housing operator to acquire a 275-site MH with significant value add upside. Located an hour east of Raleigh, North Carolina, the community is serviced by city water and sewer with all utilities being direct billed to the residents. The location is proximate to downtown Rocky Mount and nearby highways I-95 and U.S. Highway 64. The property presents a significant upside for a capitalized buyer as it is currently operating at 50% occupancy. All the vacant sites have the necessary utility infrastructure in place, and the community roads are owned/maintained by the city. The average lot rent in the community is currently $389 per month averaged between the TOH and community-owned rentals (COH). With the TOH sites at $315 per month, there is ample room to close the gap-to-market over time, as comparable communities in the surrounding market are averaging $450. Of the 138 occupied sites, 59 are TOH and the remaining 79 are COH. There is the opportunity to infill the community with new homes to drive occupancy as the greater submarket is highly occupied.