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The Glen at Hickory is a quaint mobile home park near Hickory and Morganton, North Carolina. The park has 17 existing pads. Nine of the pads and two mobile homes are rented. The park sits on approximately 3.37 acres. The tenants are long term. Rents for mobile homes are $425 per month - commensurate with our experienced rental rates in the area. Pad rents have been valued from $80 to $180 per month. Each tenant pays his or her own utilities except for water. The owner has little expense beyond insurance, taxes, and R&M. A curved road currently serves the residential homes.
The project was not listed and was purchases our of one of the owners personal bankruptcy (caused by another business). Our strategic partnerships allowed our managers to seize this opportunity. This property fits our acquisition criteria due to its high return. Understanding the potential investment opportunity in this park NewLeafe has since turned around a once run-down park into a producing park. What makes the property so appealing is the expansion of potential as noted above, the value that can be created by raising rents and adding mobile homes. Initially NewLeafe made a few minor improvements - plantings, instituting stringent park rules, cosmetic improvements, removing "eyesores" and adding mobile homes owned by the park.
Hickory is located in the North Carolina foothills and is the 162nd largest urban area in the US. The city is growing steadily and the last census data placed the Hickory Metropolitan area as the 4th largest in North Carolina with 342,000 people. Several new businesses are coming to the area, including a Google processing center a Target distribution center. Hickory is home to many manufacturers of lumber, furniture, fiber optic cable and pressure sensitive tape. Forty percent of the fiber optic cable in the WORLD is manufactured in the Hickory area. Each year only ten cities in the US are designated "All American City". Hickory has won the designation three times. Hickory also boasts a minor league baseball stadium, Hickory Crawdads, and Lenoir-Rhyne College.
Hickory Mobile Home Park is managed by NewLeafe and is 95% owned by NewLeafe.
The Glen at Hickory Mobile Home Park
Hickory/Morganton, North Carolina