Log In/Sign Up
Your email has been sent.
370 Star Ln - 14 TOHs/1 POHs - SELLER FINACING AVAILABLE 15 Unit Apartment Building Offered at $995,000 at a 5.31% Cap Rate Sanford, NC 27332
Executive Summary
Wilson Mobile Home Park consists of 14 tenant owned homes (TOHs) and 1 park owned homes (POHs) located on 13.04 acres in the Sanford Submarket of North Carolina.
Wilson MHP is being listed in conjunction with the Cedar Lane Mobile Home Park located at 4697 Roundleaf Rd., Ramseur, NC (12 TOHs). The two parks can be purchased jointly or separately.
Wilson MHP infrastructure consists of a gravel road and security lighting. The park is serviced by county water and septic tanks (1 to 1 ratio). Water is privately individually metered. However, water is currently paid for by the owner. The future owner could bill water directly to tenants, offsetting expenses by $7,500+.
Current monthly gross operating income is $5,500 ($66,000 annual; $350 lot rent; and $600 for POHs) with substantial value-add opportunities by increasing rents to market level ($450-$650 lot rent estimate) and billing water usage directly to tenants. The proforma NOI, using $500 lot rent, is $78,011 (7.8% cap rate).
Wilson MHP is centrally located in North Carolina in the Sanford Submarket within 50 miles of Raleigh and 40 miles of Fayetteville.
Wilson MHP is being listed in conjunction with the Cedar Lane Mobile Home Park located at 4697 Roundleaf Rd., Ramseur, NC (12 TOHs). The two parks can be purchased jointly or separately.
Wilson MHP infrastructure consists of a gravel road and security lighting. The park is serviced by county water and septic tanks (1 to 1 ratio). Water is privately individually metered. However, water is currently paid for by the owner. The future owner could bill water directly to tenants, offsetting expenses by $7,500+.
Current monthly gross operating income is $5,500 ($66,000 annual; $350 lot rent; and $600 for POHs) with substantial value-add opportunities by increasing rents to market level ($450-$650 lot rent estimate) and billing water usage directly to tenants. The proforma NOI, using $500 lot rent, is $78,011 (7.8% cap rate).
Wilson MHP is centrally located in North Carolina in the Sanford Submarket within 50 miles of Raleigh and 40 miles of Fayetteville.
Property Facts
| Price | $995,000 | Property Type | |
| Price Per Unit | $66,333 | Lot Size | 13.04 AC |
| Sale Type | Investment | Building Size | 4,000 SF |
| Cap Rate | 5.31% | No. Stories | 1 |
| No. Units | 15 | Year Built | 1975 |
| Zoning | RA/MH | ||
| Price | $995,000 |
| Price Per Unit | $66,333 |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| No. Units | 15 |
| Property Type | |
| Lot Size | 13.04 AC |
| Building Size | 4,000 SF |
| No. Stories | 1 |
| Year Built | 1975 |
| Zoning | RA/MH |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $188,900 | |
| Land Assessment | $138,900 | Total Assessment | $327,800 |
Property Taxes
Parcel Numbers
Land Assessment
$138,900
Improvements Assessment
$188,900
Total Assessment
$327,800
1 of 9
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
370 Star Ln - 14 TOHs/1 POHs - SELLER FINACING AVAILABLE
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.