This semi-dormant mobile home park offers an unusual opportunity to create a beautiful, high revenue park in the Greenville / Spartanburg Corridor, arguably the strongest economy in the country.
The park consists of 12 pads at the unusually low price of $9500 per site.
The park has two nice existing homes that are owner occupied, one park owned home that can be renovated, and nine vacant pads. The layout is pleasing.
By adding nine homes (probable all-in cost of $108,000 +/-) revenues of $65,000 +/- can be created. South Carolina costs are modest. Assuming a 40% cost factor, the NOI could be nearly $40,000. At an 11 % cap rate that equates to a value of $350,000. The NOI on the $225,000 all-in cost would be nearly 20%.