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The Esterson MHC Team is pleased to present this 4 Park Portfolio in Jesup, GA, a 135 lot, manufactured home community that’s 90% occupied. Just 60 miles from the center of Savannah, GA and 26 miles from Hinesville, GA where Fort Stewart Military base is located. Jesup is surrounded by many major metros in the southeast coastal part of Georgia, making it a great market for growth.
The 4 communities are comprised of 126 MH lots, 4 undeveloped MH lots, 1 single family house and 2 duplex units (4 doors) for a total of 135 units. The duplexes are mobile homes that have been converted into duplexes. There are 18 tenant owned homes at $295 lot rent avg, 96 rented park owned homes at an average of $737 including lot rent, but not including water or trash bill backs. There are 9 vacant lots that are developed, home ready and 4 undeveloped lots, 1 single family house that rents for $895 and 2 duplexes (4 doors) that rent for $595 a door. All 5 parks are on well and septic. The seller currently owns a water company that allows him to charge for water, which he is currently charging $40 per tenant/month for. Trash is included in the property taxes and is billed back to tenants at $10 a month. 3 of the parks are gravel roads that the parks own, however they have an agreement with the municipality who bring gravel in for those 3 parks whenever requested, free of charge to the park owner. The 4th park is public roads maintained by the municipality and are paved.
We are asking investors to have their offers submitted by May 6, 2022 for the opportunity to purchase a stabilized, cash-flowing investment property, with a fantastic cash-on-cash return Year 1. Given the current tenant mix and occupancy rate, the current lender will offer the next buyer to finance the homes and the land together at a 4.5% interest rate, 75% LTV, and a 20 or 25 year amortization depending on the borrower and other factors. We modeled a debt quote at 75% LTV on the lots and homes, 4.5% interest rate, and a 20 amortization. By filling the 9 vacant lots and raising rents over the next few years, you can completely stabilize and maximize this portfolio.
The information contained within this website is proprietary and strictly confidential. It is intended to be reviewed only by the approved party receiving it and should not be made available to any other person or entity without the written consent of the broker involved. This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. We have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained within has been obtained from sources we believe to be reliable; however, we have not verified, and will not verify, any of the information contained herein, nor have we conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
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