101 Beltons Loop, Raeford, NC 28376

Marcus & Millichap is pleased to present Rockfish MHC, a 70-unit mobile home community located in Raeford, part of the Fayetteville NC MSA.

This stabilized investment opportunity features 70 total mobile home lots, with 67 currently occupied, producing strong in-place income. This park was fully redeveloped in 2018/19 and boasts new infrastructure including all new PVC water lines. There are 2 tenant-owned homes (TOH), 33 rented park-owned homes (POH), and 32 rent-to-own homes (RTO), with immediate upside through lease-up of 3 vacant units (2 POH and 1 vacant MH lot) and the potential to convert rentals to lease-option contracts or tenant-owned status.

The property benefits from strong regional connectivity via US-401 and NC-211, and just west of I-95, placing it within the path of growth of the expanding Fayetteville MSA. Raeford and the surrounding area are supported by a stable workforce tenant base driven by military personnel from Fort Liberty (formerly Fort Bragg), local medical institutions, and the growing employment base of Hoke and Cumberland Counties. The existing POH units are renting for an average of $628 a month (not including lot rent), while RTO contracts average $573 (also not including lot rent). The current market should support higher rents based on an analysis of regional affordability trends.

Current average lot rents are underwritten at $530/month and average POH rents are modeled at $628/month. Based on seller financials, the asset generates approximately $915,281 in gross revenue and $648,785 in NOI, reflecting a 9.3% cap rate on current operations. Not including any value for the RTO units and only using the the lot rent for those RTO units, our pro forma projections support an NOI of $586,675 (8.4% cap rate), with a stabilized exit value of $7.8M (Again, please note: we are not including any RTO income despite that the RTO have an average 10.5 years remaining on the loan payoff).

The park operates on public water and electric, both of which are directly billed to tenants, with the mostly 2:1 septic systems (some are 1:1) maintained by the landlord. Trash service is curbside and billed back to the tenant. The landlord is responsible for mowing common areas. Roads are private and paved in good condition. The property is not located in a flood zone or opportunity zone.

Fayetteville and Raeford continue to benefit from steady demand for affordable housing solutions due to population growth, military presence, and limited supply of workforce housing options. The area remains well positioned for long-term economic development and continued renter demand.

With lease-option contracts, public water, and minimal deferred maintenance, the park offers new ownership a stable and scalable asset with clear levers for NOI growth. Value-add opportunities include leasing the 2 vacant POHs, infilling the vacant MH lot, converting RTO contracts, and implementing market rent increases with minimal capital expenditures to maximize investor returns.

We are asking investors to submit offers at or above $7,000,000. All offers must include pricing, inspection period, funding source, and appropriate due diligence timelines. Rockfish MHC represents a high-quality, low-maintenance investment with in-place yield and scalable upside in a growing North Carolina submarket.