The Esterson MHC Team is pleased to present the 2 Park Portfolio – Kerr Lake, a cash-flowing, stabilized with upside manufactured housing investment consisting of 87 total units across two all-TOH communities located in Henderson, NC and Clarksville, VA, along the scenic Kerr Lake corridor straddling the North Carolina–Virginia border.

Located along the I-85 corridor approximately 45 miles north of Raleigh, Henderson, NC (Vance County) serves as a critical workforce and commuter hub with direct access to the Research Triangle region. Clarksville, VA (Mecklenburg County) sits on the shores of Kerr Lake (Buggs Island Lake), one of the largest lakes in the Southeast and a major regional recreation destination, driving seasonal tourism and supporting year-round housing demand. Both communities benefit from proximity to regional employment centers, affordable cost-of-living dynamics, and significant housing supply constraints due to zoning restrictions, limited land availability, and high replacement costs. These dynamics continue to drive strong demand for affordable housing options throughout the portfolio’s markets.

The portfolio consists of 87 total units (86 occupied lots + 1 vacant lot), providing immediate and stable cash flow at 98.9% occupancy. The portfolio is 100% tenant-owned homes with zero POH, eliminating landlord home maintenance burden entirely. Hibernia MHP contributes 57 lots (54 TOHs, 2 RV, 1 vacant lot) across 32.9 acres, while Sunset Cove MHP contributes 30 fully occupied lots (29 TOH, 1 RV) across 7.41 acres.

The parks are only 7.5 miles from each other, or about a 10 minute drive. In-place seller rents average approximately $293/month across the portfolio, while market lot rents are $500/month, representing significant upside.

Both communities are serviced by well and septic. Trash is handled directly by tenants at both parks. Water and sewer costs are included in rent. Electric is individually metered and tenant-paid. Roads are privately maintained. Sunset Cove MHP has partial flood zone exposure affecting approximately 3 homes; Hibernia MHP is not in any flood zone. Neither property is located in an Opportunity Zone.

The portfolio is being offered at a purchase price of $4,050,000, reflecting an in-place cap rate of 6.35% (P&L 1). Under a market rent and stabilized expense scenario (P&L 3), the portfolio is projected to achieve a global cap rate of 9.9% with an estimated stabilized value of approximately $5.7 million at a 7.0% exit cap rate. Financing is contemplated at a $2,025,000 loan (50% L TV) at 6.5% over 25 years, yielding a 1.57x DSCR on in-place income. This represents a compelling opportunity for investors to acquire a nearly fully occupied, zero-POH portfolio in high-barrier-to-entry Southeast market with strong in-place income and a clear path to value creation through rent increases alone.

All offers must include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant manufactured housing or real estate ownership experience.

Broker Info:

Donald Gilchrist – Marcus & Millichap

101 J Morris Commons Ln., Ste. 130

Morrisville, NC 27560

Lic #: 241055303785

(919) 674-1104

Brian Hosey – Marcus & Millichap

7200 Wisconsin Ave., Suite 1101, Bethesda, MD 20814

P:  (202) 536-3700

Lic #: 0225247494