2 Locations

The Asheville MHP Portfolio offers the opportunity to acquire two manufactured housing communities in the highly desirable Asheville MSA. Mills Gap MHP in Arden and Casteel Park MHP in Asheville are located just 2.4 miles apart, allowing for streamlined management within a single investment. The portfolio consists of 26 total units and is 96% occupied, with Mills Gap fully leased and Casteel Park carrying only one vacancy. Together, the properties generate stable in-place cash flow while offering meaningful upside through lease-up, a planned studio conversion, an additional permitted pad at Mills Gap, and future rent growth. Situated in South Buncombe County, both communities benefit from infill locations near major employment centers, Asheville Regional Airport, Interstate 26, and Biltmore Park. With limited opportunities for new manufactured housing development in the market, the portfolio is well positioned to benefit from continued demand for affordable housing. Offered together at an 8.80% in-place cap rate with a projected 9.62% Year 1 cap rate, and seller financing available for qualified buyers, the Asheville MHP Portfolio presents a compelling combination of stable cash flow, operational efficiency, and value-add potential. Please do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.