4 Park NC Portfolio – Charlotte & Winston Salem, NC
Strategically Located Around the Charlotte & Winston Salem MSAs
The Esterson MHC Team is pleased to present the 4 Park NC Portfolio in Charlotte & Winston Salem, NC MSA. The portfolio consists of 164 lots, with a tremendous amount of upside within this value-add opportunity. There are two Charlotte MSA communities are located about 25 miles and 10 miles from the center of Downtown Charlotte. There are also two Winston Salem MSA communities are located about 7 miles and 15 miles from Downtown Winston Salem.
The communities have 162 total mobile home lots, and a duplex unit with 2 units. There are 75 tenant owned homes, 27 rent to owns, 1 duplex, and 60 vacant lots. The average lot rent is $392 and the average rent to own payment is $365. Those units have an average of 132 months remaining, with 16 of the 27 being 2020-2021 aged homes. The duplex rents for $775 per side. The overall market can support substantially higher lot rents based on limited affordable housing supply and the fact that Charlotte MSA has grown 14% since 2020 and is home to 2.7M people. Winston Salem MSA has a population of about 700,000 people and has grown at 5% since 20220.
All parks are year-round, all-ages communities. Coddle Creek MHP & Reedy Creek MHP are the two Charlotte parks. Both are serviced by a private well and is on septic. Both parks are billed back for trash and have an additional $40 monthly infrastructure fee that are charged to tenants. South Main and Hidden Lakes are the two Winston Salem parks. South Main is serviced by public water that is sub metered and billed back to tenants and septic. Trash is billed back at $15 a month and there is a $20 monthly infrastructure fee charged to tenants. Hidden Lakes is serviced by public water that is sub metered and billed back to tenants and is on a waste water treatment plant that is in good working order. Trash is billed back and there is a $40 monthly infrastructure fee charged back to tenants. There are no flood zones or opportunity zones within any of these parks.
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