All Forum Posts by: Duane Wood

Price: $232,500

Acres: 3.49 AC

Lots: 12

Gross Rent Roll: $52,380

Pro-forma NOI: $30,512

Creekside Mobile Home Park is a 12 unit mobile home community in Warner Robins, GA. It is a quiet community with spacious lots, which makes it an attractive location for long-term owner occupants seeking to own their own home.

The park consists of 12 lots. 7 lots are leased to lot rent only tenants who own their own homes, and 5 lots are park owned homes ("POH") which are rented to residents. Of the POH, 3 are on Rent to Own ("RTO") contracts. Most units are late 1980 to early 2000 models. Uniquely, all 12 residents are on electronic payments which provides a predictable source of income and automates the rent collection process.

The park is located in Houston County, GA just outside the Warner Robins city limits. The park is on septic and well, and these utilities have been maintained and kept up to date by the owner. The roads are of asphalt construction and privately maintained by the owner. The park is priced accordingly to account for the roads and utilities.

Creekside Mobile Home Park is being offered as a stabilized investment with attractive lot rental growth potential. This investment provides an attractive opportunity to either 1) Sell or RTO remaining units to owner occupants as lot rentals or 2) Hold onto the units as park owned home rentals while increasing rents to capture market appreciation. With a properly executed value-add strategy it will be possible to achieve returns in excess of ±15% based on the current sale price.

Macon/Warner Robins is a strong market with significant demand for affordable housing. Located just minutes from Robins Air Force Base, the park is well located near the center of industry. The park is ½ mile from an elementary school and 3 miles from Warner Robins Place, with access to banks, restaurants, and shopping.

Please reach out to the following for more detail and to receive your copy of the investment package.

CONTACT

--------------------------------------------------------

Objective: I own a  small mobile home park in Warner Robins, GA and am seeking non-recourse private or conventional financing.

Background: The park was purchased with all cash in 2016. Over the past 16 months I have been turning units and stabilizing the asset. Now that several units have been turned and the park is performing I am seeking to place long-term debt on the park in order to free up equity for other deals.

Property Details

• Property Type: Mobile Home Park
• Lots: 12
• Average Lot Rent: $250/month

Financing Terms Sought

• Loan Amount: $113,750 (65% LTV based on $175,000 market value)
• Interest Rate: 5%
• Amortization Term: 15 years
• Balloon: 5 years

If this is something you would be interested in, I would be happy to provide more detail and answer any questions.

Thank you.