Hi All, I am considering a park in Alamance County, NC and would appreciate input from all you wise folks. Here are the details:
70 spaces, 20 lots are rented and are tenant owned homes. 3 homes need rehabbing. Lot rent is about $25 under market.
47 empty lots
Roads are paved.
City water with individual meters but are not being read.
Sewer is private wastewater treatment plant. The tenants are charged $60 for water and sewer.
NOI is about $34,000/year. Asking price is a 7 cap. I offered at 9 cap. Now we are being asked for our best and highest due to alleged multiple offers.
What say this room of great minds? Would you pay for “potential” in a rapidly growing area?