Boneville Estates
Strong In-Place Cash Flow with Clear Path to Higher NOI
Marketing description
Boneville Estates is a 34-space, all-age manufactured housing community in Thomson, Georgia (McDuffie County), positioned on the I-20 corridor approximately 35 miles west of Augusta. The community is now offered at $1,595,000 — $46,912 per unit — and produces $127,306 of in-place NOI, a 7.98% cap, with a clear path to a 10.05% pro forma as renovated and vacant homes lease up.
Thirty-three of the thirty-four homes are park-owned, providing an operator with control of both lot and home rent. Georgia has no rent control, and in-place rents of $550–$900 sit below market. Five park-owned homes are in active renovation; vacant homes are conservatively underwritten at $750/mo. Set on ±27.74 acres at roughly 1.2 sites per acre, the property offers low density and room to grow, within a demand corridor anchored by Fort Eisenhower, the Augusta health-sciences economy, and the Savannah River Site.
Listed by CRI Brokerage in cooperation with Jennifer Stein Real Estate. Buyer to verify all information.
Investment highlights
- Clear path to a 10.23% pro forma cap on $163,213 stabilized NOI
- 33 of 34 homes park-owned — control of lot + home rent
- No rent control in Georgia — in-place rents $550–$900 mark to market
- 4 homes in active renovation · vacant homes underwritten at $750/mo
- ±27.74 acres · ~1.2 sites/acre · room to expand
- Augusta MSA · I-20 corridor · Fort Eisenhower & Savannah River Site demand
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