For Sale
$695,000

2981 Price RdEden, NC 27288

24 Units, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
116
This 24-unit mobile home park in Eden, North Carolina presents a compelling value-add investment opportunity. Priced at $695,000, the property boasts a 5.70% current cap rate and a pro-forma cap rate of 12.30%, reflecting significant upside potential. Currently, occupancy sits at 58.3%, with a Net Operating Income (NOI) of $30,815 and a pro-forma NOI of $66,095. The park comprises 24 units: 1 tenant-owned home, 12 rented park-owned mobile homes, 1 rented single-family home, and 2 vacant single-family homes, 6 vacant park-owned mobile homes, and 2 vacant mobile home lots. Average mobile home lot rental is $340, with an average home rent above lot rent of $171. The single-family home rents for $400 per month. All rents are significantly below market rates, offering immediate opportunities for rent increases. The park sits on 5.1 acres and includes a small storage garage. There is also an additional acre of vacant land and a seller-owned mobile home (3 bed/2 bath, 1987 Oakwood) located nearby, which could be used to infill vacant lots. The property features public water and a septic system

Highlights

  • 24-unit mobile home park in Eden, NC, priced at $695,000, offering a 5.70% current cap rate and a pro-forma cap rate of 12.30%.
  • Currently 58.3% occupied, with a $30,815 NOI and a pro-forma NOI of $66,095.
  • Significant upside potential due to below-market rents; average mobile home lot rent is $340, with average home rent above lot rent of $171, and single-family home rent at $400/month.
  • Property includes 5.1 acres, a small storage garage, and an additional acre of vacant land.
  • Opportunity to increase NOI by infilling 8 vacant lots (6 mobile home, 2 single-family) using a seller-owned mobile home.

Property Details for 2981 Price Rd

Property type
Mobile home & RV parks
Class
C
Lot Size (sq. ft)
222,156 SF
Units
24

Location Insight

City
Eden
County
Rockingham
State
North Carolina
Latitude
36.5072043
Longitude
-79.8339855
2981 Price Rd, Eden, North Carolina

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2981 Price Rd
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