6 Park Port - Phenix City, AL — Sale in Phenix City, AL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Phenix City, AL
  • Year built: 1990

Photos

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Investment Figures

Cap rate
7.90%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present this cash-flowing, value-add with significant upside,164-unit manufactured housing community portfolio located in Phenix City, AL. Phenix City is the largest city in eastern Alabama and is strategically located along the Alabama-Georgia state line, directly across from Columbus. The economy benefits from its integration with the Columbus MSA and is anchored by Fort Benning, one of the largest military installations in the United States. Additional major employers include regional healthcare systems, manufacturing firms, logistics and distribution companies, retail, and education, providing a diverse and resilient employment base. With average apartment rents exceeding $1,150 per month, rising housing costs and limited affordable housing inventory continue to support strong demand for manufactured housing. The portfolio is 6 parks and 164 total MH lots, consisting of 113 tenant owned homes (TOH), 11 rented park owned homes (POH), 2 vacant park owned homes, 37 vacant manufactured housing lots, and 1 camper used as an office on a manufactured housing lot. The average monthly lot rental rate is $357 and the average POH rent above lot rent is $278. The park owned homes are an average age of 1987. All parks are serviced by public water, with water billed directly to tenants at Country’s MHP, and billed back to tenants at the other five. All parks are serviced by septic that is maintained by the landlord. Electricity is public and billed directly to tenants at all parks. Trash is serviced by curbside bins billed directly to tenants at three parks, and serviced by dumpster included in rent at the other three. Three parks have paved roads that are privately maintained, one is gravel and privately maintained, and one is paved and publicly maintained. None of the parks are in flood zones or opportunity zones. This portfolio presents investors with a rare opportunity to acquire a scaled manufactured housing portfolio with stable in place

Market Context

This multifamily in Phenix City, AL is listed for sale. It is offered at an approximate 7.9% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1990. Compare it against other multifamily listings for sale in Phenix City, AL — view the full market.

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