The Esterson MHC Team is pleased to present Morganton MHP, a 26-unit, stabilized with significant upside, manufactured housing community investment opportunity located in a strong market.
Morganton is strategically located about 1 hour from Asheville, Winston-Salem, and Charlotte, NC. This location provides convenient access to major highways, transport hubs, and a major commerce corridor. The Hickory-Lenoir-Morganton MSA population is over 360,000 people. With local population growth of 5.3%, median home pricing of $216,000, and 2-bedroom apartment rents averaging $1,300, the need for affordable housing is only growing stronger.
Morgantown MHP has 26 total units, all manufactured housing (MH) lots, consisting of 13 tenant owned homes (TOH), 8 rented park owned homes (POH), 2 rent to own homes (RTO), 1 abandoned home, and 2 vacant lots. The average lot rental rate per month is $402, the average POH rent above lot rent is $419, and the average RTO payment above lot rent per month is $382. The average age of the POH’s is 2003. The age of one of the POH is unknown and is not being factored into the average.
The park is serviced by public water and the sewer is septic. Water is billed back to tenants at a flat rate and sewer is paid for by the park and included in rent. Trash is serviced by curbside bins and is billed directly to tenants. Electricity is also billed directly to tenants. The park has newer concrete roads and driveways. The park is NOT in a flood zone and is NOT in an opportunity zone.
This property is being offered at an asking price of $1,350,000. All offers must include price, inspection timelines, list of due diligence required from owners, proof of funds, and relevant details.
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