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Sparks,GA 31647
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Fox Run
MLS Listing ID 10452754
Year Built 1995
Annual Tax Amount $6,574
Tax Year 2024
Lot Size 9.250 Acres
Property Sub-Type Multi Family
Property Description
Incredible investment opportunity for a 37 unit mobile home park at a 10.44% Cap rate. This park is spread among 37 parcels, totaling 9.25 acres with 37 pads in the beautiful town of Sparks, GA. This South Georgia town is located minutes from Interstate 75 and less than 7 miles to the Adel, Ga and 25 minutes to Valdosta, GA. This community features 37 park-owned homes (POH) with current Occupancy at 94.59%, with 27 doublewides and 10 singlewides. Sparks Mobile Home Park utilizes county water and county sewerage that is direct-billed to each tenant. Park supplies trash through a dumpster. Highlighted features include paved roads that are county maintained. The POH inventory age varies in age from the 1992 through the 2006, with only two outliers dated 1983 & 1989 - all homes are 3/2 with exception to one 4/2 and one 5/3. Several homes have new HVACs. With an average total rent of $785/month, there is room to increase the POH rents by at least $25-$50 per month on new turnovers. We are asking investors to submit offers at, or above, $2,650,000 for the portfolio, which includes all the home inventory as well as the land each parcel sits on. This is pricing the community at a 10.44% cap after expenses. This is well below replacement cost of used homes. Total income should provide an investor with a solid mid-teens cash-on-cash return. Titles are in hand. Rent Roll and PNL are available for qualified Buyers.
Location
State GA
County Cook
Interior
Heating Electric
Cooling Electric
Exterior
Parking Features Over 1 Space per Unit
Community Features Playground
Utilities Available Electricity Individual Meters,Water Individual Meters
View Y/N No
Building
Sewer Public Sewer
Water Public
Structure Type Vinyl Siding
New Construction No
Schools
Elementary Schools Cook Primary/Elementary
Middle Schools Cook County
High Schools Cook County
Others
Special Listing Condition Resale