Great price per pad on a 49 pad park (plus 1 SFR) just a mile from Fort Bragg, with over 50,0000 military personal. Spring Lake has seen a 7.8% growth in population and has a median home price of $115,500, with Harnett County growing 18.1% to 129,000 people and a median home price of $169,200.
This opportunity has a lot of upside and it best suited for an infill specialist. There are 17 paying tenants currently, 3 of which are TOH. Upside with rents as well since there have been no rent increases in 8 years. If you can source homes, this can be a a great fit for your portfolio. Currently has 32 vacant pads with a large demand for affordable housing. Paved roads.
Asking 625k, which puts it at $12,750 per pad (Not including the SFR). Offered at a 9% cap. City utilities and sub-metered. Tenants pay everything including trash, Its grossing $6,800, and netting $5700 a month since the current owner self manages.
Looking for a cash buyer or someone who has a strong relationship with a lender who can push this through within 75 days.
See another listed Spring Lake park here: Cimarron MHC | Esterson MHC Team
Please reach out with any questions at all.
Dominic
dvbologna@hotmail.com