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    Mobile Home Park Portfolio Title is generated by Realmo AI

    109 Smiths MHP Lane, Chinquapin, NC 28521

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    Claim this Listing
    For Sale
    $1,147,217

    MULTI_FAMILY - Chinquapin, NC

    Lot size:
    5.71 Acres
    Added:
    Sep 24, 2025
    Days on Market:
    256
    Last Refresh:
    Jun 6 at 1:06 am

    Property Features for 109 Smiths MHP Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    08-2256- 1- & 08-2256- 1- 1
    Lot size
    5.71 Acres

    Taxes and HOA fees

    Tax Description
    OFF SR 1105 3002/326 01/10/2008 1.6800 Acres, TR. A 2023 : RS AND JS INVESTMENTS LLC, TR. B 2026:RS AND JS INVESTMENTS LLC 2011:CHERYL S. RHODES 2023:SOLD 2.62 AC TO JONATHAN FORMYDUVAL 2023:SPLIT .04 AC TO RS AND JS INVESTMENTS LLC

    Utilities

    Sewer type
    Septic Tank
    Water source
    Public

    We can help!

    Listing Contact
    Lee PITTMAN

    Listing agent Lee PITTMAN License #340689

    Listing office CAROLINA SUMMIT GROUP #1 PO BOX 2118, FAYETTEVILLE, NC

    Listing date Sep 24, 2025

    MLS# 750811

    Copyright © 2026 Longleaf Pine Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two mobile home park investments in Eastern North Carolina: Cornerstone in Jacksonville (Onslow County) and Smiths in Chinquapin (Duplin County)
    • Cornerstone Mobile Home Park: approx. 1.68 acres with 13 pads and 11 existing units on Haws Run Road; zoned R‑8M (Residential‑8 Manufactured Housing)
    • Smiths Mobile Home Park: two tracts totaling approx. +/-5.71 net acres with 8 pads and 7 existing homes off Ludie Brown Road; unzoned under Duplin County land use ordinances
    • Utilities include public water and septic for Cornerstone; Smiths is served by county water and septic systems
    • Combined performance: NOI of $126,194 with an 11% cap rate for both parks
    • Both parks are within 0.5 miles of a Voluntary Agricultural District

    Overview

    This offering includes two value-add mobile home park investments in Eastern North Carolina. Cornerstone Mobile Home Park is located on Haws Run Road in Jacksonville, Onslow County, and sits on approximately 1.68 acres with 13 pads and 11 existing units. Smiths Mobile Home Park is located off Ludie Brown Road in Chinquapin, Duplin County, consisting of two tracts totaling approximately +/- 5.71 net acres with 8 pads and 7 existing homes. Smiths Mobile Home Park is served by septic systems and county water, while Cornerstone Mobile Home Park is zoned R-8M (Residential-8 Manufactured Housing).

    Both properties are within half a mile of a Voluntary Agricultural District. Smiths Mobile Home Park is considered unzoned under Duplin County land use ordinances.

    For investors and operators, the portfolio provides a straightforward platform with established pad counts and in-place homes across two markets. Combined, the parks currently generate an NOI of $126,194, with a stated cap rate of 11%, and offer opportunities for income enhancement through property improvements and potential expansion where permitted by the existing land use framework.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Suggested Use

    Gym & Fitness Center Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chinquapin
    County
    Duplin
    State
    North Carolina
    Longitude
    -77.77267
    Latitude
    34.826208

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    FAQs

    What type of property is this?
    Mobile home & RV park - Two mobile home parks with existing pads and units, served by county water and septic, generating current income.
    Where is this mobile home & rv park located?
    The property is located at 109 Smiths MHP Lane Chinquapin, NC.
    What is the asking price?
    The asking price for this property is $1,147,217.
    What are key features of this property?
    This property features: Two mobile home park investments in Eastern North Carolina: Cornerstone in Jacksonville (Onslow County) and Smiths in Chinquapin (Duplin County); Cornerstone Mobile Home Park: approx. 1.68 acres with 13 pads and 11 existing units on Haws Run Road; zoned R‑8M (Residential‑8 Manufactured Housing); Smiths Mobile Home Park: two tracts totaling approx. +/-5.71 net acres with 8 pads and 7 existing homes off Ludie Brown Road; unzoned under Duplin County land use ordinances
    (910) 638-8108
    We can help!
    Listing Contact
    Lee PITTMAN
    Real Estate License ID: 340689
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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