Mobile Home Park with Expansion
For Sale
$340,000
162 Lancaster Road, Forest City, NC 28043
Established park with tenant-occupied lots and additional capacity for future occupancy.
Property Size1,990 SF
Lot Size10.12 Acres
Days on Market9
Property Features for 162 Lancaster Road
General Information
Standard status
Active
Size
1,990 SF
Lot size
10.12 Acres
Property subtype
Manufactured Home Park
Amenities
Features: Green Area, Level, Wooded, Size: 10.12, Size Units: Acres
Days on Market: 0, Listing Price: 340000, Status: Active
Year Built: 1990, Construction Type: Manufactured
City: Forest City, State: NC, Zip: 28043, County: Rutherford, Directions: Turn onto US 221 A Wyy N .2 miles turn right onto S. Broadway St. US/221 A Hwy S .5 Miles turn right onto Pointer Rd, .03 miles continue straight onto Poplar St. .1 miles continue straight onto Lancater Rd. destination will be on the right.
Auction Y/N: 0
Building Details
Building Size
1,990 SF
Year Built
1990
Listing Agency:
Leslie Horne and Associates
(864) 707-2315
Listed By:
Leslie Horne · License #72159
(864) 809-3880
Source:
Blackstreaminternational
Added: Sep 2
Changed: Sep 9
Last Checked: Sep 10 at 5:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Leslie Horne and Associates
Investment Insights
Based on property information with market context.
This mobile home park spans approximately 10.12 acres and includes 24 total lots. Four lots are currently occupied by tenants who privately own the mobile homes; those homes are excluded from the sale. Additional lots are available, providing room for expanded occupancy subject to applicable requirements and verification.
Located at 162 Lancaster Road in Forest City, the property fronts a county road. Tenants are responsible for their own electric service, limiting the owner’s direct responsibility for that utility. Buyers should verify permitted uses, utility availability, and requirements associated with additional occupancy.
Located at 162 Lancaster Road in Forest City, the property fronts a county road. Tenants are responsible for their own electric service, limiting the owner’s direct responsibility for that utility. Buyers should verify permitted uses, utility availability, and requirements associated with additional occupancy.
Key Highlights
- Approximately 10.12‑acre mobile home park
- 24 total lots
- Four tenant‑occupied lots with privately owned mobile homes
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
$10,772
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
3.17%
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%
$215,440
$215.4K
Cap Rate 7%
$153,886
$153.9K
Cap Rate 9%
$119,689
$119.7K
Market Conditions
NOI Build-Up for 1,990 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
$21.0K $10.56/SF
− Vacancy
−$1.4K −$0.72/SF
EGI
$19.6K $9.84/SF
− OpEx
−$8.8K −$4.43/SF
NOI
$10.8K $5.41/SF
Area
Rutherford County, NC
Vacancy
6.80%
Lease Rate
$10.56 /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%
$215,440
Cap Rate 7%
$153,886
Cap Rate 9%
$119,689
Alternative Uses
Best Use
Apartment 5plus
$153.9K
$134.7K – $179.5K
NOI $10,772 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$438.8K
$384.0K – $512.0K
NOI $30,719 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
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Business Placement
Demographics for 28043, NC
20,183
Population
9,356
Households
2.2
Avg Household Size
43
Median Age
18%
College-Educated
84%
High-School Grad
66.3 sq mi
ZIP Area
304
Density / Sq Mi
$41,746
Median Household Income
$29,909
Median Earnings
$744
Median Rent
$176,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Established park with tenant-occupied lots and additional capacity for future occupancy.
Where is this mobile home & rv park located?
The property is located at 162 Lancaster Road Forest City, NC.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Approximately 10.12‑acre mobile home park; 24 total lots; Four tenant‑occupied lots with privately owned mobile homes
