1020 Twin Lakes Dr - Manufactured Housing/Mobile Housing FOR SALE


King, NC 27021
$2,650,000 USD
423-483-0492
1020 Twin Lakes Dr, King, NC for Sale
$2,650,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/8

1020 Twin Lakes Dr
King, NC 27021


OVERVIEW

The Esterson MHC Team is excited to present Hidden Lakes Manufactured Home Community, a 85-unit manufactured home community located in the serene town of King, NC which is part of the Winston- Salem NC MSA. This well-maintained community presents significant upside potential. The Winston-Salem NC MSA has a population of approximately 695,630 and is growing rapidly, and benefits from its strategic location within the state, making it an attractive market for future development initiatives. Hidden Lakes Manufactured Home Community features 85 active MH lots. There are 33 tenant-owned homes (TOH, 5 rent to own homes (RTO and 47 vacant lots. The average lot rental rate is $430 per month, offering a significant opportunity to increase rents to market due to the limited supply of affordable housing and the growing demand in this market. The community operates on public water and private sewer systems. Tenants are responsible for water utility payments, and curbside trash service is billed back to the residents. The landlord is responsible for the sewer system costs. Private roads are paved and in good condition enhancing both the value and appeal of the property. Additionally, recent tree trimming and general park beautification projects have been completed, providing added convenience and safety for tenants, making this community an even more attractive living environment. Hidden Lakes Manufactured Home Community is currently managed by an on-site manager who oversees day-to-day operations. This community is priced at $2,650,000 and presents a value-add opportunity for investors looking to acquire a good asset with major upside potential. Both conventional recourse, non-recourse, and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, and a list of due diligence requirements. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.

FOR SALE DETAILS

PRICE

$2,650,000 USD

# OF UNITS

87

PRICE/UNIT

$30,460

CAP RATE

4.31%

% LEASED

45%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hidden Lakes MHC

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1789

PARKING SPACES

-

LAND DETAILS

LAND ACRES

40.9 AC

LAND SF

1,781,604 SF

ZONING

R-A

APN/PARCEL ID

691202651442

ASK ABOUT THIS PROPERTY

Glenn EstersonMarcus & MillichapMore Info
423-483-0492

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Glenn EstersonMarcus & MillichapMore Info
423-483-0492

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.