Hickory Place 1810 18th Ave NE 31 Unit Mobile Home Park $2,350,000 ($75,806/Unit) 9.41% Cap Rate Hickory, NC 28601

The Esterson MHC Team is pleased to present Hickory Place MHP, a 31-unit manufactured housing community located in the affordable and stable Hickory MSA of North Carolina.
This investment opportunity features 29 park-owned homes (POH), 1 apartment unit, and additional upside through market rent adjustments and the lease-up of one vacant mobile home lot and other vacant infill opportunities.
The property benefits from strong regional connectivity via Interstate 40 and US-321, placing it within a short drive to Charlotte, Asheville, and the Blue Ridge Mountains. The Hickory region has diversified beyond its historic manufacturing base to include healthcare, education, and logistics while maintaining one of the most affordable housing markets in the Southeast. This combination of affordability, economic diversity, and location makes Hickory Place an attractive acquisition for investors seeking predictable cash flow with upside potential.
The community includes 31 total units, comprised of 29 park-owned homes, 1 apartment, and 1 vacant storage unit. Current average POH rents are $809/month, the apartment rents at $895/month, and the vacant mobile home lot is underwritten at $400/month. With pro forma market lot rents modeled at $625 per lot, the park is positioned for significant rent growth given the limited supply of affordable housing in the Hickory MSA.
Based on seller financials, the asset generates approximately $292,200 in gross revenue and $221,044 in NOI, reflecting a 9.8% global cap rate on current operations. Pro forma projections support an NOI of $252,145 and a 10.7% cap rate, with a stabilized exit value of $2.88M+. The park operates on public water, sewer, and electric, with landlord-paid water, sewer, and trash included in rent while tenants direct-bill for electric, gas/propane, and cable. Trash is handled by dumpster service. Roads are private-paved, infrastructure is stable with no deferred maintenance, and the property is not located in a flood zone.
Hickory MSA continues to benefit from in-migration, low housing costs, and proximity to major metros, supported by a diversified employment base and ongoing economic development initiatives. The area’s affordability and steady demand make it well positioned for long-term growth in the manufactured housing sector.
With no RTO contracts and a simple utility/maintenance structure, the park offers new ownership a clean, cash-flowing asset with several levers for NOI growth. Value-add opportunities include implementing market rent adjustments, leasing the vacant storage unit, and billing back for water and sewer costs— to drive strong investor returns.
We are asking investors to submit offers at or above $2,350,000. Investors are invited to submit competitive offers. All offers must include pricing, inspection period, funding source, and appropriate due diligence timelines. Hickory Place MHP represents a high-quality, low-maintenance investment with in-place yield and upside in a resilient North Carolina submarket.