For Sale
$405,000

113 Henderson DrEllerbe, NC 28338

15-Pad Mobile Home Park, 7.43% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
116
This well-maintained 15-pad mobile home park in Ellerbe, North Carolina, presents a compelling investment opportunity. The property sits on 1.84 acres and includes 10 occupied lots generating a Net Operating Income (NOI) of $29,699, resulting in a 7.43% capitalization rate. The asking price is $405,000. Five vacant lots offer significant upside potential for future development and increased revenue. The park benefits from a direct-billing structure for electricity, with city-provided water and sewer, minimizing operating costs. Located in Richmond County, this property is strategically positioned in a growing market for affordable housing, offering both immediate returns and long-term value appreciation. Ellerbe's proximity to larger regional markets like Rockingham and Fayetteville further enhances its appeal. The stable local economy, coupled with the increasing demand for affordable housing in suburban and rural areas, makes this a strong investment prospect. The existing lot rents provide a predictable cash flow, minimizing vacancy risk and offering a steady income stream. The vacant pads can be developed to increase occupancy and rental income, adding to the overall return on investment. This property offers a blend of immediate income and future growth potential in a desirable North Carolina location.

Highlights

  • 15-pad mobile home park on 1.84 acres in Ellerbe, NC, with 10 occupied lots generating $29,699 NOI and a 7.43% cap rate. Asking price: $405,000.
  • Five vacant lots offer significant upside potential for increased revenue.
  • Direct-billed electricity, city water & sewer minimize operating costs.
  • Strong investment due to high demand for affordable housing in a growing region.

Property Details for 113 Henderson Dr

Property type
Mobile home & RV parks
Lot Size (sq. ft)
80,150 SF

Location Insight

City
Ellerbe
County
Richmond
State
North Carolina
Latitude
35.069248
Longitude
-79.764848
113 Henderson Dr, Ellerbe, North Carolina

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113 Henderson Dr
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