The Esterson MHC Team is pleased to present Sandstone MHP, a fully occupied, 15-unit manufactured housing community located in Goldsboro NC, offering a stabilized, cash-flowing investment with upside through rent increases.

Sandstone MHP is situated at 106 Valencia Avenue in Goldsboro, NC 27534 (Wayne County), approximately 50 miles southeast of Raleigh. The property sits on 10.06 acres with paved private roads and is partially in a Flood Zone and NOT in an Opportunity Zone. The Goldsboro MSA benefits from a stable employment base anchored by Seymour Johnson Air Force Base, one of the largest employers in the region, along with healthcare, agriculture, and light manufacturing sectors. Goldsboro has a population of approximately 34,629 with a median household income of $48,540.

The community consists of 15 total units, all rented park-owned homes (POH). There are no TOH lots, no RTO contracts, and no vacant units — 100% occupied. The average lot rent is $447/month and the average POH rent above lot rent is $403/ month, bringing total average unit revenue to approximately $849/month. The average POH model year is 1997. 102

Valencia Ave is a maintenance building lot with electricity (not a rental unit). One tenant (106 Armstead Ave) serves as the on-site maintenance person and receives reduced rent ($300 actual, broker-adjusted to $800 with $500/month credited as on-site management expense). Water is public, with most tenants directly billed; however, 5 homes share the same water line and the landlord receives 2 bills and includes water in those tenants’ rent. Sewer is private septic (1:1 ratio), landlord pays, included in rent. Trash is curbside, tenant pays (seller recently transitioned trash to tenant responsibility). Electric, gas/propane, and cable are all tenant-paid via direct bill. Landlord mows all lots and common areas. No snow removal. Streetlights are currently turned off but can be reactivated.

Sandstone MHP is being offered at a purchase price of $1,100,000 ($869,272 real estate value + $230,728 POH value), reflecting an estimated 9.78% global cap rate on in-place operations (P&L 1). The mark-to-market P&L 3 projects approximately $110,188 global NOI at a 10% global cap rate with market rents. Debt has been estimated at $770,000 (70% L TV) at 5.00% interest with an interest only period via seller financing, resulting in annual debt service of approximately $38,500 and cash-to-close of $330,000. P&L 1 Cash on Cash is 20.9%. All offers should include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant real estate experience.

Broker Info:
Donald Gilchrist – Marcus & Millichap

101 J Morris Commons Ln., Ste. 130

Morrisville, NC 27560

Lic #: 241055303785

(919) 674-1104