Historical Multifamily Sale Listing - MOBILE HOME PARK WITH OWNER FINANCING

Multifamily For Sale

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MOBILE HOME PARK WITH OWNER FINANCING

2072 Hephzibah McBean Rd, Hephzibah, GA 30815

N/A

122 Spaces | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Spaces:
122
Property Type:
Multifamily
Property Sub-type:
Mobile Home/RV Community
Additional Sub-types:
Government Subsidized
Special Purpose (Other)
Property Use Type:
Investment
Cap Rate:
13.46%
Occupancy:
90%
Year Built:
1970
Lot Size:
45 AC
Listing ID
15751569
Last Updated
over 1 year ago

Highlights

  • OWNER FINANCING UNDER GREAT TERMS
  • MAJOR UPSIDE
  • EQUITY PARTNER AVAILABLE
  • SEE MANAGEMENT PLAN UNDER FLYER
  • LONG TERM FINANCING WITH 10 YEAR BALLOON
  • GREAT CASH ON CASH RETURN

Description

The park consists of primarily park owned homes ranging from late 60s models to middle 80s model homes. The current owner built the park and has run it for 40+ years. He is ready to retire and is not interested in growing the park to its full potential.

The park is on city water and utilizes septic tanks. Regular septic tank pumps are essential and have been accounted for in financials. The tanks have been maintained very well as the owners son owns a plumbing/septic repair company which we actually use for other parks. Park has 50+ acres.

Rents are below market which causes the park to stay full. We accounted for a 15% vacancy/collection loss which is much higher than what current owner is operating at. The roads are unpaved but are maintained regularly. The park has expansion room and has undeveloped lots which could be utilized. City constraints are not a problem as regulation is very limited in the area since the park is under the city of Hephzibah versus the city of Augusta. There are no known environmental problems with property.

This park is located just outside of Augusta GA in a city called Hephzibah. Hephzibah is included in the Central Savannah River Area (CSRA) which is generally considered Augusta GA. Augusta is a growing area with industry expansion and new development despite economic troubling times elsewhere.

Map of 2072 Hephzibah McBean Rd, Hephzibah, GA 30815 (Richmond County)

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