Building Details

Floors in Building 1

Flooring type Vinyl

Listing Agency: Weichert Realtors Cullman Show Phone

Listed By: Lindsey Ray · License #116801 Show Phone

Added: Aug 13 Changed: Sep 2 Last Checked: Sep 6 at 7:06PM

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MLS# 21926457

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Investment Insights

Based on property information with market context.

This mobile home park at 3985 County Road 203 includes six rental units on 1.6 acres. Lots 3 and 4 each contain a double-wide manufactured home, while Lots 1, 2, 5, and 6 each feature an updated tiny home. The units have been updated, and all six are currently occupied.

The property contains 4890 square feet of total property area and is served by public water and a septic tank. Vinyl flooring is installed throughout the reported improvements. The combination of manufactured housing and tiny homes creates a compact residential rental configuration within Lawrence County, Alabama.

Key Highlights

• Six rental units, all currently occupied
• 1.6‑acre property with 4890 square feet of property area
• Lots 3 and 4 each include a double‑wide manufactured home

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$37,236

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

6.37%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$744,720 $744.7K

Cap Rate 7%

$531,943 $531.9K

Cap Rate 9%

$413,733 $413.7K

Market Conditions

NOI Build-Up for 4,890 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$72.2K $14.76/SF

− Vacancy

−$4.5K −$0.92/SF

EGI

$67.7K $13.84/SF

− OpEx

−$30.5K −$6.23/SF

NOI

$37.2K $7.61/SF

Area

Morgan County, AL

Vacancy

6.20%

Lease Rate

$14.76 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$744,720

Cap Rate 7%

$531,943

Cap Rate 9%

$413,733

Alternative Uses

Best Use

Apartment 5plus

$531.9K

$465.5K – $620.6K (±1% cap)

NOI $37,236 @ 7.0% cap · market cap 6.37%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.02M

$890.2K – $1.19M (±1% cap)

NOI $71,214 @ 7.0% cap · market cap 12.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mobile home & RV ...

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Grocery & Convenience Store Hair Salon Nail Salon Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

6

Businesses Nearby

Explore this area Business Placement

Demographics for 35619, AL

5,048

Population

2,413

Households

2.1

Avg Household Size

41

Median Age

13%

College-Educated

78%

High-School Grad

131.2 sq mi

ZIP Area

38

Density / Sq Mi

$64,295

Median Household Income

$38,904

Median Earnings

$993

Median Rent

$150,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mobile home & rv parks located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mobile home & RV park - Updated rental community with a mix of manufactured and tiny homes, public water, and septic service.

Where is this mobile home & rv park located?

The property is located at 3985 County Road 203 Danville, AL.

What is the asking price?

The asking price for this property is $585,000.

What are key features of this property?

This property features: Six rental units, all currently occupied; 1.6‑acre property with 4890 square feet of property area; Lots 3 and 4 each include a double‑wide manufactured home