Manufactured Housing Community
For Sale
Contact for pricing
65 MILLS GAP RD ASHEVILLE NC 28803-9571, Asheville, NC 28803
Portfolio includes two manufactured housing communities totaling 26 units, 96% occupied, with seller-financing options available.
Property SizeContact for details
Days on Market54
Property Features for 65 MILLS GAP RD ASHEVILLE NC 28803-9571
General Information
Standard status
Active
Property subtype
Mobile Home Park
Zoning
High-Denisty
Occupancy
96%
Investment Type
Value Add
Net Operating Income
$311,356
Financials
Cap Rate
8.8%
Business Included
Yes
Additional Details
Highway Access
Yes
Multifamily Units
26
Building Details
Units
26
Listing Agency:
JDS Real Estate Services, Inc.
(949) 996-7096
Listed By:
Jennifer Stein · License #01507135
Source:
Crexi
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 28 at 9:42AM
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 JDS Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
The Asheville MHP Portfolio offers the acquisition of two manufactured housing communities operated as a single investment: Mills Gap MHP in Arden and Casteel Park MHP in Asheville. Combined, the portfolio totals 26 units and is 96% occupied, with Mills Gap fully leased and Casteel Park operating with one vacancy. The offering is positioned for continued performance supported by planned improvements, including a studio conversion, and an additional permitted pad at Mills Gap.
Both communities are located in South Buncombe County and are approximately 2.4 miles apart, supporting streamlined management. The properties are described as being in infill locations near major employment centers, Asheville Regional Airport, Interstate 26, and Biltmore Park. The portfolio is offered together at an 8.80% in-place cap rate, with a projected 9.62% Year 1 cap rate, and seller financing is available for qualified buyers.
Both communities are located in South Buncombe County and are approximately 2.4 miles apart, supporting streamlined management. The properties are described as being in infill locations near major employment centers, Asheville Regional Airport, Interstate 26, and Biltmore Park. The portfolio is offered together at an 8.80% in-place cap rate, with a projected 9.62% Year 1 cap rate, and seller financing is available for qualified buyers.
Key Highlights
- Asheville MHP portfolio includes 2 manufactured housing communities in the Asheville MSA totaling 26 units
- 96% occupied overall; Mills Gap MHP fully leased and Casteel Park MHP has only 1 vacancy
- Properties are 2.4 miles apart for streamlined management within a single investment
Property Analytics
Current Use
Lease Details
26
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Explore this area
Business Placement
Demographics for 28803, NC
34,108
Population
18,322
Households
1.9
Avg Household Size
43
Median Age
50%
College-Educated
93%
High-School Grad
38.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,638
Median Household Income
$41,057
Median Earnings
$1,455
Median Rent
$408,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Portfolio includes two manufactured housing communities totaling 26 units, 96% occupied, with seller-financing options available.
Where is this mobile home & rv park located?
The property is located at 65 MILLS GAP RD ASHEVILLE NC 28803-9571 Asheville, NC.
What is the asking price?
The asking price for this property is $3,540,000.
What are key features of this property?
This property features: Asheville MHP portfolio includes 2 manufactured housing communities in the Asheville MSA totaling 26 units; 96% occupied overall; Mills Gap MHP fully leased and Casteel Park MHP has only 1 vacancy; Properties are 2.4 miles apart for streamlined management within a single investment
