The Esterson MHC Team is pleased to present the 2 Park Portfolio in Eastern North Carolina. The portfolio consists of 88 units, 74 MH lots and 13 RV lots, with exceptional upside in infill and rents. The Jacksonville NC metro is the home to a host of military bases with an approximate 180,000 personnel and has seen 13.9% population growth since 2020. The communities are centered around high growth markets with limited affordable housing available making this an opportunity for faster turnover and infill.
Located in the counties of Onslow and Lenoir, the Lenoir community is less than ten minutes from downtown Kinston and sits on US Highway 55. The current occupancy is 68.5%. The Scott Avenue MHP is less than a 10-minute drive from downtown Jacksonville and has an occupancy of 56.2%. The overall market can support significantly higher lot rents and occupancy based on limited affordable housing and rising apartment rents. This portfolio’s strong value-add potential lies in its 34 vacant units and average lot rent of $185.
This portfolio is a tenant owned home majority with 58 occupied units and 34 vacant lots. There are 46 TOH with 2 POH and 1 RTO. Of the RV lots, there are 5 occupied and 8 vacant. Tenant owned home lot rents average $185, park owned home rents are $345, and RV rents in Lenoir MHC average $360. Tenants pay for their own water and electricity, directly billed to them. Both communities include trash and sewer into rents. Lenoir MHC has curbside trash cans while Scott Avenue MHP has a dumpster trash service. Both communities operate on septic that is owned and maintained by the park.
The City of Kinston services New Bern and Jacksonville with labor workers who benefit from a reduced cost of living in comparison to the rest of North Carolina. The commute from Kinston to New Bern is 35 minutes, but has housing costs at nearly half that of New Bern and Jacksonville. Apartment rents for the two larger cities have surged to match the increasing demand from population growth. However, the mobile home communities have been less responsive to this rent growth leaving many parks below market rents. This two-park portfolio is ideally situated to stay fully occupied as the new owner fills the vacant MH lots and starts new tenants at market rents.
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