Myers Parks 1 MHP | 2981 Price Rd
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Myers Parks 1 MHP 2981 Price Rd
24 Unit Mobile Home Park £550,495 (£22,937/Unit) 4.43% Net Initial Yield Eden, NC 27288
Investment Highlights
- Public Water
- Opportunity to infill 5 vacant POH, 2 vacant SFH, and 2 vacant MH lots
- Significantly Below Market Rents
Executive Summary
The Esterson MHC Team is pleased to present this 24-unit manufactured housing community, Myers Parks 1 MHP, a value-add investment opportunity with significant upside.
Eden, NC is experiencing steady population growth and is strategically located with convenient access to major highways, making it easy to reach nearby cities like Greensboro, Winston- Salem, and Danville, Virginia. Eden’s economy is supported by a diverse mix of industries, including manufacturing, healthcare, and retail. Also known for its scenic beauty, Eden attracts families, young professionals, and retirees alike. With median 3 bdr apartment rents of roughly $1,000 in Eden, the need for affordable housing is only growing stronger.
Myers Parks 1 MHP is 24 total units, consisting of 1 tenant owned mobile home (TOH), 12 rented park owned mobile homes (POH), 1 rented single-family home (SFH), 2 vacant SFH, 6 vacant POH, and 2 vacant MH lots. There is also a small garage on site used for storage that is not capitalized. The average MH lot rental rate is $340 and the average MH home rent above lot rent is $171. The SFH rents for $400 per month. All rents are significantly below market.
The park owned homes are older models and in average condition, but some of the vacant ones need work to be rented. In addition to the units mentioned, the seller owns a mobile home located a couple miles from the park, which a buyer could purchase and use to infill one of the vacant lots. It is a 3 bd/2ba 1987 Oakwood. There is also 1 acre of vacant land that could potentially be used, although no expansion is currently approved.
The park is serviced by public water, a septic system, and dumpster for trash. Water, sewer, and trash are all paid for by the park and included in rent. Electricity is paid by the tenants and billed directly to them. The roads are gravel and in average shape. The park is NOT in a flood zone and is NOT in an opportunity zone.
This value-add investment is being offered at a price of $695,000. All offers must include price, inspection timelines, appropriate terms, proof of funds, and relevant real estate experience.
Eden, NC is experiencing steady population growth and is strategically located with convenient access to major highways, making it easy to reach nearby cities like Greensboro, Winston- Salem, and Danville, Virginia. Eden’s economy is supported by a diverse mix of industries, including manufacturing, healthcare, and retail. Also known for its scenic beauty, Eden attracts families, young professionals, and retirees alike. With median 3 bdr apartment rents of roughly $1,000 in Eden, the need for affordable housing is only growing stronger.
Myers Parks 1 MHP is 24 total units, consisting of 1 tenant owned mobile home (TOH), 12 rented park owned mobile homes (POH), 1 rented single-family home (SFH), 2 vacant SFH, 6 vacant POH, and 2 vacant MH lots. There is also a small garage on site used for storage that is not capitalized. The average MH lot rental rate is $340 and the average MH home rent above lot rent is $171. The SFH rents for $400 per month. All rents are significantly below market.
The park owned homes are older models and in average condition, but some of the vacant ones need work to be rented. In addition to the units mentioned, the seller owns a mobile home located a couple miles from the park, which a buyer could purchase and use to infill one of the vacant lots. It is a 3 bd/2ba 1987 Oakwood. There is also 1 acre of vacant land that could potentially be used, although no expansion is currently approved.
The park is serviced by public water, a septic system, and dumpster for trash. Water, sewer, and trash are all paid for by the park and included in rent. Electricity is paid by the tenants and billed directly to them. The roads are gravel and in average shape. The park is NOT in a flood zone and is NOT in an opportunity zone.
This value-add investment is being offered at a price of $695,000. All offers must include price, inspection timelines, appropriate terms, proof of funds, and relevant real estate experience.
Property Facts Under Contract
| Price | £550,495 | Apartment Style | Single Family Home |
| Price Per Unit | £22,937 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.83 AC |
| Net Initial Yield | 4.43% | Building Size | 24,000 SF |
| No. Units | 24 | Average Occupancy | 58% |
| Property Type | Residential | Number of Floors | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1980 |
| Price | £550,495 |
| Price Per Unit | £22,937 |
| Sale Type | Investment |
| Net Initial Yield | 4.43% |
| No. Units | 24 |
| Property Type | Residential |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Single Family Home |
| Building Class | C |
| Lot Size | 2.83 AC |
| Building Size | 24,000 SF |
| Average Occupancy | 58% |
| Number of Floors | 1 |
| Year Built | 1980 |
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zoning
| Zoning Code | RES AG COU |
| RES AG COU |
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Myers Parks 1 MHP | 2981 Price Rd
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