17949 Us Highway 31 Cullman, AL 35058

Property Details for 17949 Us Highway 31

Property type

Mobile home & RV parks

Description

This exceptional investment opportunity presents two adjacent mobile home parks in Cullman, Alabama, totaling 91 units with 91% occupancy. Located conveniently between Birmingham and Huntsville, this portfolio boasts a strong 9.92% cap rate and a substantial NOI of $396,896, with an asking price of $4,000,000 ($43,956 per pad). The parks benefit from public water and sewer (water billed directly to tenants, sewer billed back), and include dumpsters as part of the rent. Eight vacant lots offer immediate value-add potential through infill. Recent capital improvements include complete water and sewer infrastructure replacement. Vinemont Village features paved roads, while Vinemont Estates has gravel roads, presenting an opportunity for future improvements. The Cullman area exhibits robust population growth (10.72% since 2020) and strong rental demand, supporting potential rent increases. The parks are situated near parks, retail, and employment opportunities, and benefit from an A-rated school system. The Cullman MSA boasts a median household income of $64,000 and a 40% renter population. This portfolio offers a compelling combination of strong current performance and significant upside potential.

Location Insight

City

Cullman

County

Cullman

State

Alabama

Longitude

-86.8603539

Latitude

34.2257936