Price Reduced! 17-lot Manufactured Home Community that is stable with significant upside.
The Esterson MHC Team is pleased to present Brandon Farm MHP. The community is in Taylorsville, GA and is 15 minutes to Cartersville, 30 minutes to Rome, GA, and 1 hour to downtown Atlanta. The location offers access to a wide range of employment opportunities in Taylorsville and Cartersville, including Shaw Industries Group Inc., Anheuser-Busch, and Cartersville Medical Center. The nearby city of Rome is also home to several major healthcare providers like Floyd Medical Center and Harbin Clinic, which together employ thousands of people.
According to bestplaces.net, the average home cost in Taylorsville is $306,000, the average 2-bedroom apartment rent is $990, and 0.0% of apartments and houses in Taylorsville are available to rent. With Bartow County sitting at an average home cost of $276,000, an average 2-bedroon apartment rent of $1,550, and 0.9% of homes and apartments available for rent, the lack of affordable housing options is near crisis level.
The community consists of 17 MH lots with 1 tenant owned home (TOH), 15 rented park owned homes (POH), and 1 vacant MH lot. The average monthly rental rate for park owned homes is $561, which is roughly half of market rent. The single lot renter is also significantly below market. There is an unusable double-wide home sitting on the property that’s not included in the 17-unit count and cannot be occupied. The average age of park owned homes is roughly 1984 and they are in average to below average condition.
The park is serviced by well and 1:1 septic that are privately maintained and paid for by the park. One septic tank was replaced within the last 12 months. The well does not require testing. Trash is serviced by a dumpster that is also paid for by the park. The roads are gravel and in average condition.
The asking price for this investment opportunity is $695,000 and the property should qualify for traditional recourse lending. Seller financing is also available. At list price and upon entry, an investor can cash flow at an 8% gross CAP rate.
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