Sparks Mobile Home Park Multi-Family FOR SALE


Sparks, GA
$2,650,000 USD
229-630-2400
, Sparks, GA for Sale
$2,650,000 USD
Multi-Family - FOR SALE
1/19
null | 9.74% Cap Rate

Sparks Mobile Home Park
Sparks, GA


HIGHLIGHTS

  • Paved Roads
  • Tenant-paid Utilities
  • City Water/City Sewer

OVERVIEW

Incredible investment opportunity for a 37 unit mobile home park at a 10.44% Cap rate. This park is spread among 37 parcels, totaling 9.25 acres with 37 pads in the beautiful town of Sparks, GA. This South Georgia town is located minutes from Interstate 75 and less than 7 miles to the Adel, Ga and 25 minutes to Valdosta, GA. This community features 37 park-owned homes (POH) with current Occupancy at 94.59%, with 27 doublewides and 10 singlewides. Sparks Mobile Home Park utilizes county water and county sewerage that is direct-billed to each tenant. Park supplies trash through a dumpster. Highlighted features include paved roads that are county maintained. The POH inventory age varies in age from the 1992 through the 2006, with only two outliers dated 1983 & 1989 - all homes are 3/2 with exception to one 4/2 and one 5/3. Several homes have new HVACs. With an average total rent of $785/month, there is room to increase the POH rents by at least $25-$50 per month on new turnovers. We are asking investors to submit offers at, or above, $2,650,000 for the portfolio, which includes all the home inventory as well as the land each parcel sits on. This is pricing the community at a 9.44% cap after expenses. This is well below replacement cost of used homes. Total income should provide an investor with a solid mid-teens cash-on-cash return. Titles are in hand. Rent Roll and PNL are available for qualified Buyers.

ASK ABOUT THIS PROPERTY

Caleb RossCanopy Realty Group, LLCMore Info
229-630-2400

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Caleb RossCanopy Realty Group, LLCMore Info
229-630-2400

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