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14 TOHs/1 POHs - SELLER FINACING AVAILABLE 370 Star Ln 15 Unit Mobile Home Park $995,000 ($66,333/Unit) 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.
All offers should include purchase price, inspection period, funding source, and appropriate due diligence timelines.
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.
All offers should include purchase price, inspection period, funding source, and appropriate due diligence timelines.
Property Facts Under Contract
| Price | $995,000 | Property Subtype | Manufactured Housing/Mobile Home |
| Price Per Unit | $66,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 13.04 AC |
| Cap Rate | 5.31% | Building Size | 4,000 SF |
| No. Units | 15 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1975 |
| Zoning | RA/MH - Residential Agricultural / Mobile Home | ||
| Price | $995,000 |
| Price Per Unit | $66,333 |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | C |
| Lot Size | 13.04 AC |
| Building Size | 4,000 SF |
| No. Stories | 1 |
| Year Built | 1975 |
| Zoning | RA/MH - Residential Agricultural / Mobile Home |
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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
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14 TOHs/1 POHs - SELLER FINACING AVAILABLE | 370 Star Ln