The Esterson MHC Team is pleased to present this 3-ParkPortfolio, a cash flowing value-add opportunity consisting of 203 total units located in the Lumberton, NC MSA.
The Lumberton NC, MSA is experiencing recent population and economic growth and presents diverse employment opportunities. However, the increasing cost of living is making affordable housing more important than ever. In the Lumberton, NC MSA, approximately 31% of renters are spending more than 30% of their income on housing costs. With the current trends in population growth the need for affordable housing is only growing stronger. The City of Lumberton has recently developed a new industrial park, along with other larger scale initiatives, it is expected to bring many new businesses and jobs to the area.
The 3-park portfolio has a total of 203 MH lots consisting of 24 tenant owned homes (TOH), 92 rented park owned homes (POH), 78 vacant POH and 9 vacant MH lots. The overall average age of 170 POH’s across the portfolio is roughly 2013. This includes 114 POH with manufacture’s date of between 2018-2022. The POH are in good to above average condition.
All parks are serviced by public water that is billed back to tenants. Turner Park is on public sewer billed back to the tenants. Central Park 2 and Central Park 3 are on septic and it is included in rent. All parks have public electric billed directly to tenants. All parks also have curbside trash that is included in rent. The roads are all paved.
Considering the current occupancy of 57%, along with, strong demand for affordable housing and proximity to strong MSAs, this portfolio presents a great opportunity to create more scale or enter into the rapidly growing Carolina markets. We are asking investors to submit their best offers, as no pricing guidance will be given. Not all offers will be countered. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.
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