Multifamily Property for Sale in La Grange, NC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: La Grange, NC 28551

Description

Marcus & Millichap is pleased to present Bear Creek Estates, a 44- unit manufactured housing community located in La Grange, NC within the Goldsboro MSA, offering a stabilized, cash-flowing investment with upside through infill and rent increase. Bear Creek Estates is situated at 3709 New Hope Road in La Grange, NC 28551 (Lenoir County), approximately 15 miles southwest of Goldsboro and 10 miles northwest of Kinston. The property sits on 9.82 acres with paved private roads and is NOT in a Flood Zone and NOT in an Opportunity Zone. The Goldsboro MSA benefits from a stable employment base anchored by Seymour Johnson Air Force Base, one of the largest employers in the region, along with healthcare, agriculture, and light manufacturing sectors. La Grange itself has experienced population growth of approximately 19.5% since the 2020 census, reflecting growing demand for affordable housing in eastern North Carolina. The community consists of 44 total units: 11 Tenant Owned Homes (TOH) at $500/month lot rent, 31 Rented Park Owned Homes (POH) at $795–$995/month total rent, and 1 Vacant Mobile Home Lot. Current occupancy is 95.5%. Water is county (public), individually metered and paid by the park. Tenants pay $50/month flat rate for water in addition to rent. Sewer is private septic. Trash is park-paid via dumpster. Electric, gas/propane, and cable are tenant-paid via direct bill. Landlord mows common areas. No snow removal is required. Bear Creek Estates is being offered at a purchase price of $2,750,000, reflecting an estimated 7.7% global cap rate on in-place operations (P&L 1) and a 8.59% cap rate on the real estate component. The broker-adjusted P&L 2 yields a 7.4% cap rate with a mark-to-market P&L 3 at 9.1% cap rate at full occupancy with maximized rents. Investors may achieve meaningful upside by infilling the two vacant lots and responsibly increasing rents. All offers should include price, inspection timeline, terms, proof of funds, due diligence requirements, and

Market Context

This multifamily in La Grange, NC is listed for sale. It is offered at an approximate 7.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 67 days. Compare it against other multifamily listings for sale in La Grange, NC — <a href="/search/sale/multifamily/north-carolina/la-grange">view the full market</a>.

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