1810 Conley Rd Morganton, NC 28655

This exceptional investment opportunity presents a 26-unit mobile home park situated on 6.2 acres in Morganton, North Carolina, at 1810 Conley Rd, zip code 28655. Currently boasting an 88.5% occupancy rate, the park generates a Net Operating Income (NOI) of $72,459, yielding a 6.30% cap rate. However, a pro-forma analysis reveals a significantly higher potential, projecting a NOI of $126,935 and an 11.00% cap rate, indicating substantial upside potential. The park comprises 13 tenant-owned homes, 8 park-owned homes (average age 2003, excluding one of unknown age), 2 rent-to-own homes, 1 abandoned home, and 2 vacant lots, offering immediate opportunities for value enhancement. The average monthly lot rental rate is $402, with park-owned home rents averaging an additional $419 per month, and rent-to-own payments averaging $382 above lot rent. The property benefits from public water, while sewer is handled via a septic system paid for by the park and included in rent. Trash and electricity are billed directly to tenants. The park features newer concrete roads and driveways. Conveniently located approximately one hour from Asheville, Winston-Salem, and Charlotte, NC, the park benefits from its proximity to major transportation routes and a thriving commerce corridor within the Hickory-Lenoir-Morganton MSA, a region with a population exceeding 360,000 and experiencing 5.3% population growth. The property is not located in a flood zone or an opportunity zone. The asking price is $1,350,000. All offers must include a purchase price, inspection timelines, a list of due diligence requirements, proof of funds, and evidence of relevant real estate experience.