Athens AL (Huntsville AL MSA) – Extremely well located, value-add MHP with plenty of up-side in strong, growing market. The park has 68 lots with 17 lot rent only tenants, paying an average rent of $189.70 per month, as of May 2019. Additionally, there are 18 vacant lots, 6 rented POHs, and 27 RTOs. Current occupancy is roughly 74%.
Included in the sale are 6 park owned homes plus 27 RTO units that were sold for an average of $20K-$25K with strongly vetted buyers. The tenant owned units are in good shape with majority of them being early 2000’s models and some newer homes. The privately maintained roads are gravel and delivered in new condition.
Blackburn MHC has city water that is sub-metered and is billed back to the tenants. It also uses a new 3 pump 3 mound septic system that is in excellent working order. The park is NOT in a flood zone. Located in an excellent location near all amenities and just minutes to downtown Athens.
This park is being offered as a value-add investment with a 7.84% CAP on current lot rent only using a 54.8% expense ratio. We are looking for cash offers, however recourse bank debt may be available. The POH/RTO’s financed by 21st must be assumed and backstopped by new ownership. At full price, using bank debt (5% interest, 20 YR AM, 25% down) the overall levered cash-on-cash for the park is 12.53%+ on Day 1 cash flow. The price per lot is about $22,000 each and includes full infrastructure for each lot. We are asking our investors to submit offers at or above $1,500,000 for the entire park, including the POHs.
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