Value-Add Mobile Home Park near I-65 | 2654 Halls Mill Rd
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Value-Add Mobile Home Park near I-65 2654 Halls Mill Rd
77 Mobile Home Park Units Online Auction Sale Mobile, AL 36606
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Investment Highlights
- 77-lot mobile home park with in-place cash flow and a superb Mobile location close to downtown and the Mobile International Airport.
- Excellent residential area just 1 mile from the interchange of Interstate 65 and Highway 90 (45,000 VPD) & 2 miles from Interstate 10 (68,000 VPD).
- Asset provides rentals and purchase options, catering to the surrounding 5-mile population, which is made up of 52% renters and 48% homeowners.
- Park mix includes 39 TOHs, 5 POHs, 11 LTOs, 2 RV lots, 5 single-family houses, 2 apartments, & 12 vacant lots, providing future upside.
- Located near a host of amenities such as Starbucks, Costco, Best Buy, HomeGoods, Petco, Dick's Sporting Goods, Five Guys, Steak 'n Shake, and more.
Executive Summary
Retail Specialists LLC is pleased to exclusively present a value-add investment opportunity to acquire the Griffith Mobile Home Court, a 77-lot mobile home park with strong value-add upside and a highly accessible location just off Interstate 64 in Mobile, Alabama. 2654 Halls Mill Road resides on an 21-acre lot with multifamily zoning. The asset comprises 77 lots with 39 TOHs (tenant-owned homes), five POHs (park-owned homes), 11 LTOs (lease-to-own), two RV lots, five single-family houses, two apartments, and 13 vacant lots. This offering presents a strong densification opportunity with excess land to accommodate approximately 30 additional pads. Furthermore, the current rents are below market, and this property presents operational upside via raising rents to market rate upon purchase.
The Griffith Mobile Home Court is strategically positioned just 1 mile from the heavily trafficked interchange of Interstate 65 (24,000+ VPD) and Highway 90 (21,000+ VPD), and 2 miles from Interstate 10 (68,000+ VPD). The property resides less than 10 minutes from both the Mobile International Airport and Downtown Mobile. The surrounding 5-mile population is home to more than 140,000 residents with a solid average household income above $65,000 and total specified consumer spending above $1.5 billion. Currently, 52% of the 5-mile demographic rents as their primary form of housing, and this asset caters well to renters and those looking to own. The property is located in an amenity-rich area with countless restaurants, retailers, and more. Nearby restaurants include Five Guys, McAlister's Deli, Steak 'n Shake, Newk's Eatery, Dickey's Barbecue Pit, Starbucks, and more. Retail options in the vicinity include Best Buy, Dollar Tree, HomeGoods, Dick's Sporting Goods, Petco, and Costco. Also located nearby are venues like TopGolf, Dave & Buster's, and the Hank Aaron Stadium.
2654 Halls Mill Road is a rare investment offering with existing cash flow and strong future upside.
The Griffith Mobile Home Court is strategically positioned just 1 mile from the heavily trafficked interchange of Interstate 65 (24,000+ VPD) and Highway 90 (21,000+ VPD), and 2 miles from Interstate 10 (68,000+ VPD). The property resides less than 10 minutes from both the Mobile International Airport and Downtown Mobile. The surrounding 5-mile population is home to more than 140,000 residents with a solid average household income above $65,000 and total specified consumer spending above $1.5 billion. Currently, 52% of the 5-mile demographic rents as their primary form of housing, and this asset caters well to renters and those looking to own. The property is located in an amenity-rich area with countless restaurants, retailers, and more. Nearby restaurants include Five Guys, McAlister's Deli, Steak 'n Shake, Newk's Eatery, Dickey's Barbecue Pit, Starbucks, and more. Retail options in the vicinity include Best Buy, Dollar Tree, HomeGoods, Dick's Sporting Goods, Petco, and Costco. Also located nearby are venues like TopGolf, Dave & Buster's, and the Hank Aaron Stadium.
2654 Halls Mill Road is a rare investment offering with existing cash flow and strong future upside.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per Unit
Mobile - AL USA
Market Cap Rate
Mobile - AL USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
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4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
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Market Sale Price per Unit Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | Building Class | C |
| Sale Conditions | Auction Sale | Lot Size | 21.00 AC |
| No. Units | 77 | Building Size | 97,280 SF |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 2005 |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 77 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | C |
| Lot Size | 21.00 AC |
| Building Size | 97,280 SF |
| No. Stories | 1 |
| Year Built | 2005 |
Amenities
Unit Amenities
- Wheelchair Accessible (Rooms)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,140 | |
| Land Assessment | $75,720 | Total Assessment | $76,860 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$75,720
Improvements Assessment
$1,140
Total Assessment
$76,860
Sale Advisor
Sale Advisor
David Plummer, Vice President of Leasing & Brokerage
(205) 313-3676
Contact
David is a trusted advisor to numerous national retail, restaurant, and healthcare brands including Dave and Buster’s, AutoZone, Kay Jewelers, Heartland Dental, Krispy Kreme, Tire Discounters, and Fresenius Medical Care.
Prior to Retail Specialists, David worked for Boxer Properties in Houston, Texas where he handled all leasing for a portfolio of commercial office buildings. A native of Birmingham, David received his bachelor’s degree in real estate finance at the University of Alabama.
In 2023, David was named to the Globe St. 50 Under 40 in Commercial Real Estate list. He has been the recipient of CoStar’s Power Broker award numerous times, most recently for Retail Leasing Transactions he completed in 2018. He is a member of ICSC, and has been successfully involved in transactions totaling more than $100M during his tenure at Retail Specialists.
Prior to Retail Specialists, David worked for Boxer Properties in Houston, Texas where he handled all leasing for a portfolio of commercial office buildings. A native of Birmingham, David received his bachelor’s degree in real estate finance at the University of Alabama.
In 2023, David was named to the Globe St. 50 Under 40 in Commercial Real Estate list. He has been the recipient of CoStar’s Power Broker award numerous times, most recently for Retail Leasing Transactions he completed in 2018. He is a member of ICSC, and has been successfully involved in transactions totaling more than $100M during his tenure at Retail Specialists.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Mary Humphreys
Contact
Auctioneer License:
Ten-X, LLC Jessica Anne Figueroa RE Brkr 000107846-0 Ten-X, Inc. dba Ten-X Commercial, Inc. Auction Firm C315; Samantha Corbat Auctioneer A5662
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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