Well located MHP with plenty of up-side in a strong and rapidly growing market. This “mom & pop” park is well maintained and has below market rents.
The park has 31 lots, of which, 25 are park-owned homes tenants each paying rent at an average $195 plus the average lot rent of $200, and 6 vacant park owned homes that need to be renovated at about $5,000 per home.
Oak Meadows Mobile Home Park is an all-ages community and has private septic and two private wells that is not included in rents. The privately maintained roads are in average condition as our offering price suggests. Located in a good location, in the Hinesville MSA. The Hinesville market has seen a lot of growth over the last 10 years and is home to Fort Stewart Military Base. Hinesville is 40 minutes from Savannah, GA and just 20 minutes or so to the Georgia Coastal areas.
This park is being offered as a stabilized investment with an 8.71% normalized cap rate on current lot rent using a 49.9% expense ratio. The price per lot is $17,741. Each POH is priced at $6,500 per home and they are all 1986 vintages. We are looking for cash offers, however, recourse bank debt may be available for this deal.
We are asking our investors to submit offers at or above $550,000 for the entire park including POH. The potential return on investment for this park is a 17% cash on cash return.
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