Creekside Estates Mobile Home Park
Master Lease Option, Direct Billed City Utilities, Infill Opportunity
Marketing description
The MHP Value Team is pleased to offer for sale Creekside Estates, a
20-site mobile home community located in Kingwood, WV
The property is an infill opportunity with 6 occupied tenant-owned homes currently paying $317/m in lot rent and 14 vacant sites available for lease-up. Of the 14 vacant sites, 4 are fully serviced with complete utility hookups, while 10 additional sites have electric pedestals installed and require water and sewer connections to become rent-ready. Utilities are directly billed to residents, including water, sewer, trash, and electric, minimizing operating expense exposure for ownership.
The seller infilled 6 sites and is both out of state and wants to focus on larger opportunitie. As such. the seller is offering a one-yearmaster lease with approximately 10% down and $1,500 monthly payments, creating a low-cost entry point for a new investor. As aresult, the community is expected to operate near breakeven during the lease-up period while the remaining vacant sites are infilled and lot rents are increased toward market rates of $400+/month. The seller may also assist qualified buyers with financing through a local banking relationship.
A new investor has the opportunity to acquire a community with flexible acquisition terms and significant upside through site infill.
Investment highlights
- 20-site mobile home community in Kingwood, WV, a strong regional market, with 6 occupied homes and 14 vacant sites for infill.
- $23K in current income and $6.6K in expenses;utilities are directly billed to residents.Clear value-add: infill remaining sites (4 fullyserviced, 10 with electric in place) and raise rents from $317 to $400
- Seller has completed 6 infills and is offering a 1-year master lease at 10% down and $1,500/m, keeping operations near break even during lease up
- Projected returns: ~13% cash-on-cash by Year 2and ~21% by Year 3 through infill and rent growth.
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