370 Star Ln - Multi-Family FOR SALE


Sanford, NC 27332
$1,125,000 USD
910-988-4263
370 Star Ln, Sanford, NC for Sale
$1,125,000 USD
Multi-Family - FOR SALE
1/7
null | 5.33% Cap Rate

370 Star Ln
Sanford, NC 27332


OVERVIEW

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.

FOR SALE DETAILS

PRICE

$1,125,000 USD

PRICE/SF

$281 USD /SF

# OF UNITS

15

PRICE/UNIT

$75,000

CAP RATE

5.33%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Wilson Mobile Home Park - 13 TOHs/2 POHs

PROPERTY TYPE

Multi-Family

ADD'L SUBTYPES

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1975

PARKING SPACES

-

LAND DETAILS

LAND ACRES

13.04 AC

LAND SF

568,022 SF

ZONING

RA/MH

APN/PARCEL ID

9640-47-9625-00,9640-57-1698-00

ASK ABOUT THIS PROPERTY

Richard Fox IIIGrant-Murray Real Estate LLCMore Info
910-988-4263

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Richard Fox IIIGrant-Murray Real Estate LLCMore Info
910-988-4263

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.