The Esterson MHC Team is pleased to present this value-add, four-park, 84-unit manufactured housing community portfolio located in Elberton, GA (Elbert County, Athens GA MSA).

Elberton is the county seat of Elbert County and is known as the “Granite Capital of the World,” located approximately 35 miles northeast of Athens and 110 miles east of Atlanta along GA-77 and GA-72. The local economy is anchored by the granite quarrying and manufacturing industry, with additional employment from Elbert Memorial Hospital, the Elbert County school system, and regional manufacturing. Elbert County’s population is approximately 20,450 with a median household income of $58,450. Elberton’s population is approximately 4,760 with a median home price of approximately $229,500, positioning manufactured housing as an extremely affordable alternative in a market where conventional homeownership and apartment rents are relatively modest but still represents a significantly higher cost of housing.

The portfolio consists of 84 total units across four parks: Beaverdam (16 units, 14.03 acres), Woodyard (9 units, 3.96 acres), Sunny Acres (25 units, 6.37 acres), and Wagon Train (34 units, 30.16 acres). The unit mix includes 1 tenant-owned home (TOH), 46 rented park-owned homes (POH), 30 vacant POH, and 7 vacant mobile home lots. Current occupancy is approximately 56% (47 of 84 units occupied). The average lot rent is $307/month and the average POH rent above lot rent is $265/month. The average POH model year is approximately 1982.

Water systems are mixed: Beaverdam and Wagon Train are on private well, while Woodyard and Sunny Acres are on public water (landlord pays). All parks are on private septic (landlord pays, included in rent). Trash is landlord-paid and included in rent. Electric and gas/propane are public and tenant-paid via direct bill. Landlord mows common areas at all parks. No snow removal. Beaverdam is in a flood zone. Sunny Acres is in an opportunity zone. Roads have not been confirmed.

This portfolio is being offered at a purchase price of $2,400,000 ($1,727,890 real estate value + $672,110 POH value), reflecting an estimated 9.59% global cap rate on in-place operations (P&L 1). The mark-to-market P&L 3 projects approximately $403,220 global NOI at a 16.81% cap rate at stabilized market rents of $400/lot. Debt has been estimated at $1,200,000 (50% L TV) at 7.25% interest with a 25-year amortization, resulting in annual debt service of approximately $104,084 and cash-to-close of $1,200,000. P&L 1 Cash on Cash is 10.5%. All offers should include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant real estate experience.

Broker Info:

Ben Yelm – Marcus & Millichap

151 Meeting St, Suite 450, Charleston, SC 29401

Lic #: 303785

(843) 952-2300