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The Esterson MHC Team is pleased to present Bear Creek Estates, a 44-unit manufactured housing community located in LaGrange, NC within the Goldsboro MSA, offering a compelling cash-flowing investment with immediate upside through a significant in-place rent bump, vacant POH lease-up, and utility billback implementation.

Bear Creek Estates is situated at 3709 New Hope Road in LaGrange, NC 28551 (Lenoir County), approximately 15 miles southwest of Goldsboro and 10 miles northwest of Kinston. The property sits on 9.82 acres with paved private roads and is NOT in a Flood Zone and NOT in an Opportunity Zone. The Goldsboro MSA benefits from a stable employment base anchored by Seymour Johnson Air Force Base, one of the largest employers in the region, along with healthcare, agriculture, and light manufacturing sectors. LaGrange itself has experienced population growth of approximately 19.5% since the 2020 census, reflecting growing demand for affordable housing in eastern North Carolina.

The community consists of 44 total units: 13 Tenant Owned Homes (TOH) at $500/month lot rent, 26 Rented Park Owned Homes (POH) at $895–$995/month total rent ($500 lot rent + $395–$495 POH rent), 4 Vacant POH, and 1 Vacant Mobile Home Lot. Current occupancy is 88.6% (39 of 44 units occupied). A rent bump from $350/month to $500/month lot rent is in effect as of April 1, representing a 43% increase on lot rents. Several POH units also include a $50/month “Other” charge. Water is county (public), individually metered and paid by the park. Sewer is individual septic. Trash is park-paid via dumpster. Electric, gas/propane, and cable are tenant-paid via direct bill. Landlord mows common areas. No snow removal is required.

Bear Creek Estates is being offered at a purchase price of $2,750,000, reflecting an estimated 7.14% global cap rate on in-place operations (P&L 1) and a 7.36% cap rate on the real estate component. The broker-adjusted P&L 2 yields a 7.99% cap rate with a mark-to-market P&L 3 at 10.80% cap rate at full occupancy with maximized rents. Investors may achieve meaningful upside by leasing up the 4 vacant POH at $895–$995/month, infilling the vacant lot, and implementing utility billbacks (water recapture and trash billbacks modeled at 95% in P&L 3).

The property can be financed with a community bank recourse loan of approximately $1,375,000 (50% LTV) at an estimated 6.50% interest rate with 25-year amortization. All offers should include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant real estate experience.

Broker Info:

Donald Gilchrist – Marcus & Millichap

101 J Morris Commons Ln., Ste. 130

Morrisville, NC 27560

Lic #: 241055303785

(919) 674-1104