Multi-Family•Mobile-RV Park•For Sale

Laurelwood Park

601 Old Highway 70 East, Swannanoa, North Carolina 28778

Sale Price $4,300,000
Class B
Status Existing
Year Built 2010
Stories 1
Cap Rate 8.15%
Land Area 18.34 Acres
Project Size 64
#2 Bedrooms 64
Net Op Inc $350,631.2
Fantastic offering of a manufactured home park built out with POHs to maximize income/NOI in a high cost living area. Professional MHP developer/operator moved from California to rebuild this park over the last few years. Significant investment capital has been poured into this redevelopment effort. Owner cannot keep up with demand. 54 lots currently built out, the remaining 10 lots will be leased out with renovated homes (5) or new homes (5) and is included in the contract/asking price. Sitting on a mountainside along I-40, site is just minutes from Pisgah National Forest to the east and 20 minutes to the west is Asheville and all the sites and culture it affords.
  • Beautiful mountainside location with fantastic views of the surrounding mountains and valley below - serene living for the tenants
  • City water/sewer with water on master meter/submeters - 3rd party billback to tenants
  • Park manager and maintenance man live onsite
  • New homes rent for $875+, renovated homes rent for $850
  • Local services organization requesting 6 additional homes be provided for their patients (7 already leased)
  • Redundant pumps installed in pump house to pressurize water
  • Strong team built to support all the needs of operating the park (site manager, maintenance, legal, renovation team,
  • plumber, supplier, meter reader, financing and home factory rep)
  • POHs average model year is 2000 with 13 newer homes upon completion
7/9/2019 12:00:00 AM 7/9/2019 2:41:24 PM

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