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Multi-Family MHP & SFR Portfolio 61 State St 26 Unit Mobile Home Park $2,330,000 ($89,615/Unit) 6.18% Cap Rate Asheville, NC 28806
Investment Highlights
- In-place income stream with room for rental growth and value enhancement.
- Portfolio diversification with a mix of mobile homes, single-family homes, and vacant land.
- Located in desirable West Asheville and Leicester submarkets with consistent rental demand.
- Additional development opportunity with capacity to add eight lots at Cedar Hill.
- Below-market rents offer strategic upside through incremental adjustments.
Executive Summary
This is a rare opportunity to acquire a diversified 26-unit residential rental portfolio spread across five established locations in West Asheville and Leicester, North Carolina. The portfolio includes two mobile home parks—Holly Hills MHP and Cedar Hill Mobile Home Village—offering a stable tenant base and strong local demand for affordable housing. Holly Hills consists of one single-family home and six mobile homes, while Cedar Hill features thirteen units with ample space for additional development.
The portfolio also includes four single-family rentals—one doublewide and three houses—and three vacant lots, allowing for creative redevelopment or future resale. Current in-place cash flow, coupled with below-market rents, creates immediate income with significant upside potential. Investors will appreciate the expansion opportunity for eight additional lots at Cedar Hill, unlocking further value. With strong local housing demand and limited comparable inventory, this asset positions buyers to capitalize on both stable returns and longer-term appreciation.
The portfolio also includes four single-family rentals—one doublewide and three houses—and three vacant lots, allowing for creative redevelopment or future resale. Current in-place cash flow, coupled with below-market rents, creates immediate income with significant upside potential. Investors will appreciate the expansion opportunity for eight additional lots at Cedar Hill, unlocking further value. With strong local housing demand and limited comparable inventory, this asset positions buyers to capitalize on both stable returns and longer-term appreciation.
Property Facts
| Price | $2,330,000 | Apartment Style | Garden |
| Price Per Unit | $89,615 | Building Class | C |
| Sale Type | Investment | Lot Size | 5.20 AC |
| Cap Rate | 6.18% | Building Size | 19,322 SF |
| No. Units | 26 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Manufactured Housing/Mobile Home | ||
| Zoning | RM16 - Residential | ||
| Price | $2,330,000 |
| Price Per Unit | $89,615 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.20 AC |
| Building Size | 19,322 SF |
| No. Stories | 1 |
| Year Built | 1985 |
| Zoning | RM16 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 26 | - | - |
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 9638-34-5160-00000 | Improvements Assessment | $144,300 |
| Land Assessment | $87,900 | Total Assessment | $232,200 |
Property Taxes
Parcel Number
9638-34-5160-00000
Land Assessment
$87,900
Improvements Assessment
$144,300
Total Assessment
$232,200
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Multi-Family MHP & SFR Portfolio | 61 State St
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