3060 Winnsboro Road, Monroe, LA, 71202
About This Property
Marketing description
The MHP Value Team is pleased to present Silver River MHP, a 59-site manufactured housing community located in Monroe, Louisiana.
The community consists of 21 occupied park-owned homes at an average of $699/M, 3 lot renters at $300/M, 22 vacant park-owned homes, and 11 vacant lots. The seller purchased the park in 2021 and has invested multiple six figures into home rehabs and occupancy improvements but has been unable to fully stabilize the asset as an out-of-state owner based in California.
Silver River is served by municipal water through Prairie Road Water, a lagoon sewer system, and individually metered electric billed directly to tenants.
Monroe is seeing a direct economic benefit from Meta's $10B+ AI data center being built 30 miles east in Richland Parish — projected to bring thousands of workers and 500+ permanent jobs to the region, driving housing demand throughout the area.
The seller is open to financing, and the investment strategy is simple — lease up the 22 vacant homes, fill the lots, and grow rents to market rate.
Investment highlights
- Significant Infill Opportunity: 22 vacant park-owned homes and 11 vacant lots remain unfilled, with the park currently operating at just 40% economic occupancy. A new owner steps in with homes in place and executes on lease-up.
- Seller Financing Available: $900,000 down at 3.25% interest-only for 4 years, 30-year amortization.
- Strong Projected Returns: The deal underwrites to a 19.52% cash-on-cash return by Year 3 and a 24%+ IRR at a Year 5 exit.
- Meta-Driven Housing Demand: Meta's $10B+ AI data center is under construction 30 miles east of Monroe — projected to bring thousands of workers to the region and drive housing demand throughout the area.
- Water Recapture Opportunity: The park currently pays a master water bill of ~$16,200 annually with no billback to tenants — a new owner has the ability to implement individual metering and recapture this expense, directly improving NOI.
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