Current Use by Public Records
- Mobile home & RV parks
Property Details for 1020 Twin Lakes Dr
- Lot size
- 56.00 lot acres
- Property type
- Mobile home & RV parks
Description
Hidden Lakes Manufactured Home Community, a value-add investment opportunity, presents a compelling case for investors seeking significant returns. Located in King, NC, within the rapidly growing Winston-Salem MSA (population approximately 695,630), this 85-unit mobile home park sits on 56 acres. Currently operating at 44.7% occupancy, the property boasts a NOI of $114,310 and a pro-forma NOI of $351,480, projecting a pro-forma cap rate of 14.30%. The park features 33 tenant-owned homes, 5 rent-to-own homes, and 47 vacant lots, presenting substantial opportunities for rent growth through infill development. The average lot rental rate is $430 per month. Infrastructure includes public water and a private sewer system (landlord responsible for sewer costs); tenants pay for water and curbside trash. Paved roads are in good condition, and recent landscaping improvements enhance the property's appeal. The community is managed by an on-site manager. The asking price is $2,650,000. The property offers a strong value-add opportunity due to the high demand for affordable housing in the area and the potential for significant rent increases.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- King
- County
- Stokes
- State
- North Carolina
- Longitude
- -80.2997
- Latitude
- 36.2842
