The Esterson MHC Team is pleased to present Ridgewood MHC, a stabilized, turn-key cash flowing investment with 60 units on 22 acres. Located in the booming market of Chapel Hill, NC where average home prices are $612,550.

This community is centrally located in the Chapel Hill, NC area, with close proximity to both Raleigh and Durham, offering residents a prime location to live, raise a family, and find ample employment opportunities. The Chapel Hill-Carrboro area is part of the Research Triangle MSA, which boasts a population of over 2 million people, providing a highly educated and skilled workforce that supports the region’s diverse employment base. Major employers in the area include UNC Chapel Hill (12,000+ employees), UNC Hospitals, biotech companies, and startups linked to the Research Triangle Park (RTP), making this community an ideal investment opportunity in one of the nation’s leading hubs for healthcare, education, and technology.

There are 60 total lots with 55 currently rented: 54 tenant owned homes (TOH), 1 park owned home (POH) and 5 vacant lots. Currently occupied TOH’s are rented for an average of $665 a month. The 1 POH unit rents for $1,500 a month including lot rent. The overall market should support higher rents based on population growth, limited affordable housing supply and growing demand in this market.

The community operates on well water and septic systems, which are fully maintained by the park. The landlord bills back curbside trash to the tenants. The landlord pays for water and sewer services. Tenants are responsible for all trash, electric, gas and cable payments. All utility systems are in good working order.

The roads are private and paved and in good condition. The park is not affected by a flood zone and is not in an opportunity zone. Additionally, recent tree trimming and general park beautification projects have been completed and now provide added convenience and safety for tenants, enhancing the value and appeal of the property, and making this community an even more attractive living environment.

With 92% occupancy and in a growing market with strong demand for affordable housing, this investment presents a great opportunity for a first-time buyer on a stabilized TOH asset or an existing MHC investor to create more scale. We are asking investors to submit their best offers, as no pricing guidance will be given. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.