2981 Price RdEden, NC 27288

Property Details for 2981 Price Rd

Lot size

5.10 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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

Location Insight

City

Eden

County

Rockingham

State

North Carolina

Latitude

36.5072

Longitude

-79.834

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