Angier, NC (Raleigh MSA)

• Park #1: Brentwood MHC – 408 Bethel Church Rd. Angier, NC 27501
  
• Park #2: Crepe Myrtle MHC – 19 Merchant Dr, Angier, NC 27501

Two stabilized, well located MHPs, that are within a half mile of each other, in a very strong growing market. Angier, NC is located just 24.5 miles from the center of downtown Raleigh. It has a population that has seen an increase of almost 25% since 2010 and a median home price of $173,600. It is in Harnett County, which has a population of 129,000 people and a current median home price of $144,700. Raleigh-Metro was the fastest growing in the entire US from 2000-2010 seeing a growth of 47% and is predicted to continue to be the fastest growing metro through 2025.

Brentwood MHP has a total of 111 spaces that consist of 26 lot rent only tenants, 77 POHs, 7 rent to own homes, and 1 vacant lot. Crepe Myrtle MHP has a total of 33 spaces that consist of 6 lot rent only tenants, 23 POHs, and 4 rent to own homes. Together it is a total of 144 spaces with 143 tenants with 32 lot rent only tenants paying an average of $340, 101 rented POHs paying an avg of $338, 11 rent to own homes, and 1 vacant lot. Current occupancy is at 100%+-. The POHs are in above average condition with 50+ homes being 2005 or newer vintage. The overall average POH age is 1999.

Both parks are on public water, where the tenants are directly billed and on private septic. The parks are not in a flood zone.

This deal is being offered as a stabilized investment with a 6.4% normalized cap rate on current lot rent, and an 8.3% gross cap rate including POH income and expenses. The two parks are generating a gross revenue of $1,072,065. At full price, using loan terms of 3.8% interest, 30 YR AM, 30% down payment: the total return is 24% on normalized numbers. For the right buyer, owner financing may be available.

Investment Highlights

1. High quality park with high quality homes
2. Great location in growing MSA
3. Only 24.5 miles to downtown Raleigh
4. Strong upside through POH conversion
5. Newer POH in fantastic condition
6. Parks located only a half mile apart
7. Public direct billed water

Known Issues

1. Park has historically high late fees but strong collections by end of month
2. Park could use some landscaping upgrades
3. Park is heavy Park Owned Home Community