Cape Fear MHC

Cape Fear is a 182-lot mobile home rental community located in Fayetteville, North Carolina. Less than 3 miles from the center of downtown Fayetteville, approximately 65 miles from the state capital, Raleigh. The current average lot rent is $671. Cape Fear is serviced by public water & sewer and curbside trash, which are all direct billed to tenants. The utility company maintains the lines within the community, leaving the park owner responsible for anything from the lot submeter and beyond.

Cape Fear MHC has been successfully moving in tenants between $1,200 and $1,400 a month. According to HUD.gov for this market, the data supports an average 2-bedroom rent approaching $1,300 and an average 3-bedroom at nearly $1,800. Currently the community has 53 vacant homes, inherited from the previous owner, that once leased up will add an additional $825,000 of revenue.  The home quality and overall park quality is above average, with no deferred maintenance or capex needed outside of the vacant units, this leaves a great opportunity for the next investor to finish the lease up and capitalize on the attractive upside.