Turnaround Park Newport NC


#1

This is a pocket listing that has 40 lots, but I think the upside of this park is tremendous. It is just inland from Beaufort and Morehead City in Newport NC. This area is an affluent desirable part of the state. There is also a marine base nearby. Across the street from this park is an established upper middle class subdivision. That being said this park is a turnaround park. It needs a cosmetic upgrade.The current owner only has 15 lots rented at $200. Market rent for the area is $265. The current owner just doesnt want to deal with tenants. He is asking $499k and is willing to owner finance $225k As it sits it’s current initial value is $200x15x70=210,000. I’m sure there will be some negotiating room. I believe the right investor could turn this park around and create value by filling this park, and the potential is as follows $265x40x70=742,000. Let me know if you want more information.
Yvette


#2

werty721@outlook.com

please send info thanks!