1080 Hennon DrRome, GA 30165

Property Details for 1080 Hennon Dr

Year built

1965

Lot size

2.83 AC

Property size (Sq ft)

14,000 SF

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional value-add investment opportunity consists of two well-maintained mobile home parks in Rome, Georgia, totaling 19 mobile home pads (17 occupied) and two stick-built houses. Located on 2.83 acres, the portfolio features 19 buildings, each one story, built in 1965 and renovated in 2024, offering a combined 15,000 net rentable square feet. The property boasts a current NOI of $118,306 and a pro-forma NOI of $155,965, resulting in a current cap rate of 15.17% and a pro-forma cap rate of 20.00%. The asking price is $780,000, translating to $48.75 per square foot and $25,263 per pad. The current occupancy rate is 89.47% (as of January 1, 2023). The property is zoned residential and benefits from public utilities. Significant income growth potential exists through lease-up of vacancies, rental rate increases on renovated units, and the addition of mobile homes to vacant pads. The portfolio's smaller size allows for easier management, making it ideal for both entry-level and experienced investors. The properties are located at 1080 Hennon Dr NW and 73 Dugger Dr NE, Rome, GA 30165, with APNs J11X060, J11X061, J11X178, J11X182, J11X181, and J11X179. The sale is structured for a 1031 exchange.

Location Insight

City

Rome

County

Floyd

State

Georgia

Latitude

34.3347

Longitude

-85.1763

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