261 Lewis Ct
Milledgeville, GA 31061
Milledgeville Estates Mobile Home Park · Multifamily Property For Sale
·
712,206 SF
Investment Highlights
- Rents significantly below market
- City utilities billed directly to tenants
- Cost effective management in place (~30% expense ratio YTD)
- Potential for 35 additional units
- Improved NOI through the pandemic
- Located in an opportunity zone with huge tax deduction in year 1 due to accelerated depreciation
Property Facts
| No. Units | 61 | Lot Size | 16.35 AC |
| Property Type | Multifamily | Building Size | 712,206 SF |
| Property Subtype | Manufactured Housing/Mobile Home | No. Stories | 1 |
| Apartment Style | Low-Rise | Year Built | 1960 |
| Building Class | C | ||
| Zoning | 001 | ||
| No. Units | 61 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 16.35 AC |
| Building Size | 712,206 SF |
| No. Stories | 1 |
| Year Built | 1960 |
| Zoning | 001 |
About 261 LEWIS CT , MILLEDGEVILLE, GA 31061
Milledgeville Mobile Home Park LLC is pleased to present this highly-profitable asset with significant value-add potential. Milledgeville Estates is an opportunity zone property that offers an investor stable revenues from an established tenant base and strong rental demand, low expense ratio, onsite management, large tax deductions through accelerated depreciation and opportunity zone regulations, and significant upside potential due to deferred rent raises and infill opportunities. The community features paved roads with street lights framing a beautiful pond on more than 16 acres. 61 lots were originally developed. The site is approved for up to 77 mobile homes. The asset also includes one single family attached home that can be converted to an additional rental unit or to serve as an office. The asset is currently at 90% occupancy, with 37 tenants in 41 mobile homes. The two vacant homes should be back on rent roll within a month. 10 of the mobile homes are park-owned, and 2 are abandoned tenant-owned homes that could be made available through the county auction process. There is also a vacant 2B/1B attached SFR and a functional garage/shop.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 61 | - | - |
Property Taxes
| Parcel Number | M16-038 | Improvements Assessment | $124,480 |
| Land Assessment | $107,908 | Total Assessment | $232,388 |
Property Taxes
