The Esterson MHC Team is pleased to present Bonny Brook MHP, a 58 lot MHC located in Jacksonville, AL. Roughly halfway between Birmingham and Atlanta, Jacksonville is a small, rural town best known as the home of Jacksonville State University. The university serves around 8,500 students and operates as one of the biggest employers in the region. The town is also quite close to Fort McClellan, and many military personnel stationed there choose to seek off-base housing in Jacksonville.
According to bestplaces.net, the average home cost in Jacksonville is $184,400, the average 2-bedroom apartment rent is $740 and 3-bedrooms average $1,000 a month. 1.1% of apartments and houses in Anniston-Oxford-Jacksonville MSA are available to rent. Home appreciation over the last 10 years has increased 68.6% and 11.3% year over year. The lack of affordable housing options in the metro is a clear issue and will allow plenty of upside in rents for this community.
The community consists of 58 MH lots with 25 tenant owned homes (TOH), 3 rented park owned homes (POH), 2 vacant park owned homes (POH), 20 rent to own homes (RTO), and 8 vacant MH lots. The average monthly lot rent is $206 and the average monthly rental rate for park owned homes is $433 including lot rent. All rents are well below market rents. The 8 vacant lots would allow for additional homes to be brought in and rented at the higher market rate. The average age of park owned homes is roughly 1991 and they are in average shape.
The park is serviced by public water and private sewer (septic). Each unit is sub-metered for billing back the water but is currently a flat rate billback. The sewer is paid for by the park. One septic tank was replaced in the last 12 months, no known issues with other septic tanks. Trash is serviced by a dumpster that is also paid for by the park. The roads are paved and in average condition. A small portion of the park in the Southeast corner touches a flood zone. The park is not in an opportunity zone.
This property should qualify for traditional recourse lending. Seller financing may be available for qualified buyers. This is an unpriced offering. No pricing guidance will be given. Not all offers will get responded to. Interested parties are encouraged to write their offer with price, timeline, escrow amount and a list of DD requirements.
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