2 Park Portfolio - Tarboro NC

Marcus & Millichap is pleased to present the 2 Park Portfolio in Tarboro, North Carolina. The portfolio consists of 253 units, 173 tenants and 70 vacant lots, offering great cash flow upon entry with strong upside in infill and rents. The communities are operated as one park and just minutes apart rom each other.
This community is centrally located in the Rocky Mount, NC MSA with close proximity to Raleigh & Fayetteville, providing residents with a great place to live, raise a family, and find employment. The Rocky Mount, NC MSA has over 145K+ people, providing a welltrained and productive work force that enhances the area’s diverse employment base. Pfizer pharmaceuticals factory (2,800 jobs), major Cummins diesel engine factory (1,800 employees), several hospitals, a college (NC Wesleyan), and a growing economic base linked to NC’s tech-driven Research Triangle, make this an excellent investment opportunity. The communities are centered around high growth markets with limited affordable housing making this an opportunity or aster turnover and infill.
The portfolio consists of 253 total units: 78 tenant owned homes (TOH), 95 rented park owned homes (POH), 8 vacant park owned homes (POH), 2 office units and 70 vacant lots. Current occupied TOH’s are rented or an average o $391 a month. Park owned homes average rent at $826 a month. The portolio’s strong value-add potential lies in its 70 vacant lots, POH to TOH conversion opportunity, below market rents and strong market demand for affordable housing supply.
This portfolio currently consists of 173 tenants, a 69% occupancy rate. Both parks are serviced by public water and public sewer that are billed back directly to tenants. Trash is serviced by curbside bins and is billed directly to tenants. Electricity is also billed directly to tenants. The roads are privately maintained, paved and in average condition. The larger park is in a 500 year flood zone and both parks are in an opportunity zone.
With 69% occupancy, below market rents, infill opportunity and a growing market with a strong demand or affordable housing, this investment presents a great opportunity to scale or enter into the rapidly growing Carolina markets. This community is priced at $13,500,000 and presents a value-add opportunity for investors looking to acquire a good asset with major upside potential. Both conventional recourse, non-recourse, and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, list of due diligence requirements, and relevant real estate experience. This community includes all park-owned homes and RTO notes and presents a value-add opportunity or investors looking to acquire a cash-lowing asset with further upside potential. Both conventional recourse, non-recourse and bridge lending options are available.