24248 SYKES DR Drewryville VA 23844

80-Lot, Value-add Manufactured Home Community. Asking price reduced by $700,000!

We are pleased to present Field Crest MHP, an 80-lot manufactured home community with significant upside located in Drewryville, VA. The property is situated near the border of Virginia and North Carolina in an industrial corridor with easy access to Interstate 95, Interstate 85 and Interstate 64, major thoroughfares on the East Coast.

This community has 80 active MH lots with 51 tenant owned homes, 13 rented park owned homes, 6 vacant park owned homes, and 10 vacant MH lots. The average lot rental rate is $207 per month and the average home rental rate including lot rent is $538 per month. The lot rent and home rents are each below market.

The park is serviced by wells and septic tanks which are maintained and paid for by the park. One of the wells requires testing each month. Trash is delivered by tenants to a community drop off area located right next to the park, so the park does not pay for trash. All systems are in good working order. The privately maintained, paved roads are in average condition. There is currently an onsite manager that helps run the park.

We are asking investors to submit offers at or above $1,500,000. At list price and upon entry, an investor can cashflow at a 7.5% CAP rate with significant upside in rents and infill. An investor should be able to obtain non-recourse financing on the property after reaching certain metrics, making an exit or refinance very attractive.

• Asking price reduced by $700,000

• Stabilized tenant base

• Achievable 17%+ CAP rate upside on lot rent only

• Achievable 24%+ pro forma cash on cash

• 1 hour from Norfolk & Virgina Beach