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370 Star Ln - Wilson Mobile Home Park - 13 TOHs/2 POHs 15 Unit Apartment Building Offered at $1,566,945 CAD at a 5.33% Cap Rate Sanford, NC 27332
Executive Summary
Wilson Mobile Home Park consists of 13 tenant owned homes (TOHs) and 2 park owned homes (POHs) located on 13.04 acres in the Sanford Submarket of North Carolina.
Wilson MHP is being listed in conjunction with the Cedar Lane Mobile Home Park located at 4697 Roundleaf Rd., Ramseur, NC (12 TOHs). The two parks can be purchased jointly or separately.
Wilson MHP infrastructure consists of a gravel road and security lighting. The park is serviced by county water and septic tanks (1 to 1 ratio). Water is privately individually metered. However, water is currently paid for by the owner. The future owner could bill water directly to tenants, offsetting expenses by $7,500+.
Current monthly gross operating income is $6,100 ($73,200 annual; $350 lot rent; $950 and $600 for POHs) with substantial value-add opportunities by increasing rents to market level ($450-$650 lot rent estimate) and billing water usage directly to tenants. The proforma NOI, using $500 lot rent, is $82,811 (7.2% cap rate).
Wilson MHP is centrally located in North Carolina in the Sanford Submarket within 50 miles of Raleigh and 40 miles of Fayetteville.
Wilson MHP is being listed in conjunction with the Cedar Lane Mobile Home Park located at 4697 Roundleaf Rd., Ramseur, NC (12 TOHs). The two parks can be purchased jointly or separately.
Wilson MHP infrastructure consists of a gravel road and security lighting. The park is serviced by county water and septic tanks (1 to 1 ratio). Water is privately individually metered. However, water is currently paid for by the owner. The future owner could bill water directly to tenants, offsetting expenses by $7,500+.
Current monthly gross operating income is $6,100 ($73,200 annual; $350 lot rent; $950 and $600 for POHs) with substantial value-add opportunities by increasing rents to market level ($450-$650 lot rent estimate) and billing water usage directly to tenants. The proforma NOI, using $500 lot rent, is $82,811 (7.2% cap rate).
Wilson MHP is centrally located in North Carolina in the Sanford Submarket within 50 miles of Raleigh and 40 miles of Fayetteville.
Property Facts
| Price | $1,566,945 CAD | Property Type | |
| Price Per Unit | $104,463 CAD | Lot Size | 13.04 AC |
| Sale Type | Investment | Building Size | 4,000 SF |
| Cap Rate | 5.33% | No. Stories | 1 |
| No. Units | 15 | Year Built | 1975 |
| Zoning | RA/MH | ||
| Price | $1,566,945 CAD |
| Price Per Unit | $104,463 CAD |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| No. Units | 15 |
| Property Type | |
| Lot Size | 13.04 AC |
| Building Size | 4,000 SF |
| No. Stories | 1 |
| Year Built | 1975 |
| Zoning | RA/MH |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $262,571 CAD | |
| Land Assessment | $193,071 CAD | Total Assessment | $455,642 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$193,071 CAD
Improvements Assessment
$262,571 CAD
Total Assessment
$455,642 CAD
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370 Star Ln - Wilson Mobile Home Park - 13 TOHs/2 POHs
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