Jennifer Stein Real Estate, Inc., in conjunction with CRI Brokerage, is pleased to present the Asheville MHP Portfolio, a two-community manufactured housing investment opportunity located in the highly desirable Asheville MSA of Buncombe County, North Carolina. The portfolio consists of Mills Gap MHP in Arden and Casteel Park MHP in Asheville, located just 2.4 miles apart and offered together at $3,540,000. The combined portfolio is approximately 96% occupied, generating $311,356 of in-place NOI at an 8.80% blended cap rate, with Year 1 NOI projected at $340,635 and a 9.62% blended cap rate.

Mills Gap MHP, located at 537 Mills Gap Road in Arden, consists of 13 manufactured homes plus one single-family residence across approximately 4.57 acres. The community is 100% occupied and generates $168,028 of in-place NOI, representing a 9.01% in-place cap rate on its $1,865,000 allocated value. Year 1 underwriting projects NOI of $178,125 and a 9.55% cap rate. Additional upside includes scheduled rent increases, a newly permitted pad opportunity, potential additional infill supported by high-density zoning, and the option to transition to municipal water through an already-installed and paid water tap.

Casteel Park MHP, located at 65 Mills Gap Road in Asheville, consists of 12 units and is approximately 91% occupied. The property generates $143,328 of in-place NOI, representing an 8.56% cap rate on its $1,675,000 allocated value, with Year 1 NOI projected at $162,510 and a 9.70% cap rate. Casteel benefits from full municipal water and sewer, while near-term value-add opportunities include leasing the remaining vacant home, converting an existing freestanding garage into a studio efficiency, measured rent growth, and potential additional infill under the property's high-density zoning.

Together, Mills Gap and Casteel provide investors with a compelling combination of stabilized cash flow, near-term NOI growth, operational efficiencies, infill potential, and exposure to a supply-constrained Asheville workforce housing market. Both communities already share a management footprint, creating additional operating leverage for a single owner while providing multiple paths for long-term value creation.