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- LoopNet Team
411 Rental Dr
Kannapolis, NC 28081
Kimball Street MHP · Land For Sale
·
1.48 AC
Investment Highlights
- Stabilized retirement park with long term tenants
- Turn-key investment with new roads (July 2019)
- 0 POH - lot rent community
- Charlotte NC MSA
- Municipal city water and sewer - included in rent
- Price per lot = $36,077
Property Facts
| Property Type | Land | Proposed Use | Manufactured Homes or Mobile Home Park |
| Property Subtype | Residential | Total Lot Size | 1.48 AC |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Manufactured Homes or Mobile Home Park |
| Total Lot Size | 1.48 AC |
Description
Kannapolis NC (Charlotte NC MSA) - Well located, stabilized MHP with plenty of up-side in strong market. The park has 12 lots plus a single family house with 12 lot rent only tenants each paying $300. There are no vacant lots. Current occupancy is roughly 100%. Kimball St. MHP is an all ages community and has city sewer and city water that is included in the rent. There are 0 park owned homes. The tenant owned units are in good shape with majority of them being 70’s through 90's models and some newer homes. The privately maintained roads are paved and in new condition as our offering price suggests. The park is NOT in a flood zone. Located in a excellent location near all amenities, just minutes to a nearby Walmart and 30 minutes to downtown Charlotte. This park is being offered as a stabilized investment with a 6.65% CAP on current lot rent only using a 40.9% expense ratio. We are looking for cash offers, however recourse bank debt should be available for this deal. At full price, using bank debt (5.5% interest, 25 YR AM, 25% down) the overall Total Return for the park is 10.25%+. The price per lot is about $36,000 each and includes full infrastructure for each lot.
