Pine Valley Estates 2022 Keith Ln 80 Unit Mobile Home Park $5,500,000 ($68,750/Unit) 7.30% Cap Rate Selma, NC 27576

The Esterson MHC Team is pleased to present Pine Valley Estates, a 80-unit mobile home community located in the rapidly growing Johnston County region of North Carolina.
This stabilized investment opportunity features 34 tenant-owned homes (TOH), 36 park-owned homes (POH), and immediate upside through lease-up of 4 vacant POHs and 5 vacant MH pads. The property benefits from strong regional connectivity via I-95 and US-70, placing it within the path of progress of the booming Raleigh-Cary MSA. Selma and the surrounding area are experiencing sustained growth in workforce housing demand due to affordability, expanding employment centers, and robust in-migration trends.
The community includes 80 total mobile home lots, with 70 currently occupied, producing strong in-place income. There are 34 tenant owned homes (TOH) and 36 rented park owned homes (POH), 4 vacant POH, 3 vacant lots that are home ready, 2 vacant lots that need infrastructure, and 1 abandoned home (Per Snickfish, title will be received in a few weeks). The existing POH’s are renting for an average of $1,142 a month including lot rent. The overall market should be able to support higher rents based on limited affordable housing supply and growing demand in this market.
Current average TOH pad rents are $396 a month and average POH rents are $1,142 a month, with pro forma rents modeled at $1,364 per unit. Based on seller financials, the asset generates approximately $661,402 in gross revenue and $401,624 in NOI, reflecting a 7.3% cap rate on current operations. Pro forma projections support an NOI of $654,070 and an 11.9% cap rate, with a stabilized exit value exceeding $8.7M.
The park operates on public water and sewer, with all utilities—including water, sewer, trash, electric, and gas—directly billed to tenants. The landlord is only responsible for mowing common areas, contributing to a lean expense ratio. Roads are public-paved, infrastructure is stable with no deferred maintenance, and the property is not located in a flood zone. Pine Valley also qualifies for Opportunity Zone benefits, offering investors additional tax incentives. Johnston County continues to benefit from spillover growth from the Raleigh metro, supported by a blend of affordability, blue-collar job growth, and proximity to major transportation corridors. The area is well positioned for long-term population growth, economic development, and continued demand for manufactured housing as a cost-effective housing solution.
With no RTO contracts and a simple utility and maintenance structure, the park offers new ownership a clean, scalable asset with several levers for NOI growth. Value-add opportunities include leasing the remaining vacant POHs, infilling the 5 vacant MH pads, and implementing market rent adjustments—all requiring minimal capital expenditures to drive strong investor returns.
We are asking investors to submit offers at or above $5,500,000. Investors are invited to submit competitive offers. All offers must include pricing, inspection period, funding source, and appropriate due diligence timelines. Pine Valley Estates represents a high-quality, low-maintenance investment with in-place yield and scalable upside in a thriving North Carolina submarket.