Multifamily Property for Sale in Raeford, NC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Raeford, NC 28376

Description

Marcus & Millichap is pleased to present Rockfish MHC, a 70-unit mobile home community located in Raeford, part of the Fayetteville NC MSA. This stabilized investment opportunity features 70 total mobile home lots, with 67 currently occupied, producing strong in-place income. This park was fully redeveloped in 2018/19 and boasts new infrastructure including all new PVC water lines. There are 2 tenant-owned homes (TOH), 33 rented park-owned homes (POH), and 32 rent-to-own homes (RTO), with immediate upside through lease-up of 3 vacant units (2 POH and 1 vacant MH lot) and the potential to convert rentals to lease-option contracts or tenant-owned status. The property benefits from strong regional connectivity via US-401 and NC-211, and just west of I-95, placing it within the path of growth of the expanding Fayetteville MSA. Raeford and the surrounding area are supported by a stable workforce tenant base driven by military personnel from Fort Liberty (formerly Fort Bragg), local medical institutions, and the growing employment base of Hoke and Cumberland Counties. The existing POH units are renting for an average of $628 a month (not including lot rent), while RTO contracts average $573 (also not including lot rent). The current market should support higher rents based on an analysis of regional affordability trends. Current average lot rents are underwritten at $530/month and average POH rents are modeled at $628/month. Based on seller financials, the asset generates approximately $915,281 in gross revenue and $648,785 in NOI, reflecting a 9.3% cap rate on current operations. Not including any value for the RTO units and only using the the lot rent for those RTO units, our pro forma projections support an NOI of $586,675 (8.4% cap rate), with a stabilized exit value of $7.8M (Again, please note: we are not including any RTO income despite that the RTO have an average 10.5 years remaining on the loan payoff). The park operates on public water and electric, both of whi

Market Context

This multifamily in Raeford, NC is listed for sale. It is offered at an approximate 9.3% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in Raeford, NC — <a href="/search/sale/multifamily/north-carolina/raeford">view the full market</a>.

Contact

Explore this market

Similar Multifamily Property for Sale in Raeford, NC