Mobile Home Park Subdivision For Sale In South Carolina

$225,000, 20 lot subdivision in Mullins, SC 29574. 

It has 18 perked lots (2 lots are approx 1 acre each).  All lots are approx 1/2 acre.  Each of the lots is already sub-divided, so you can sell each lot individually.  Currently it has 10 park owned homes.  The lots are as follows:

Water is city water paid by tenants; Septic Units are private for each lot.  Taxes are approx $3400 for the year on the whole property (each lot has a separate tax bill.  Insurance is approx $2400 a year.  We also pay for trash pick up at $13 a month for each tenant. 

The units age range in the 1980's to 1990's all in average shape (good rental units).  The rental market is huge here.  We are very picky on who rents, so we do have decent tenants.  It has a dirt road, which is maintained by town. 

The way the property currently is run we make money, but there is plenty of room for expansion.  Please do not approach the tenants about this sale, if you figure out where the property is located.  If you are an out of state owner, that's ok, because that is what we are.  We may help with some owner financing.  This is huge opportunity to make some good money as the rents will cover your note.   

Income

Current Rents           $3,290.00 a month x 12mos = $39,480 

        Adding homes to 7 vacant lots could increase income $2500 or more

Expenses

Taxes                   $3400 a year

Insurance             $2400 a year

Trash                    $130 a month

Asking Price $225,000 for all 20 lots including 10 park owned mobile homes

Over a 12% Cap Rate.

Option #1 (Cash Deal)

$220,000 sale price all funds from either a bank or cash up front.  No owner financing.

Option #2 (Creative Owner Financing)

$225,000 sale price, down payment of $60,000, Owner will hold up to 4 vacant lots at $6,000 a lot = $24,000 off. 

$225,000 - $24,000 = $201,000 purchase price with $3,290 income each month.  

Buyer then has the option to purchase the 4 lots at $26,000 in one year (added $500 to each lot for option purchase); otherwise I will develop or sell the option. 

This deal is like owner financing, but you do not make any monthly payments on the option until you pay it off.  Buyer still has $3,290 coming in every month, because the units removed are vacant units that currently have no income. 

Option #3 (Purchasing Mobile Homes with option for land purchase)

Purchase Mobile Homes for $115,000 + Option 1 year later to purchase land at $110,000.

Purchase all 10 mobile homes @ $115,000. 

Buyer then has the option to purchase the land at $115,000 one year later.  Buyer pays $100 a month for each home lot rent for that year.

Lot rent $100 x 10 = $1,000

$3290 - $1,000 = $2290 income a month

Option #4 (Purchase ½ the street, with option to purchase the other ½ of street 1 year later)

Sell 10 lots each approx ½ acres.  5 mobile homes rented for $119,000 which includes the lots and mobiles which are as follows:

Option to buy the remaining 10 lots and mobile homes 1 year later for $110,000.

We are trying to be as creative as possible with this sale, because we understand that the banks are strict in these tough financial times.  We are open to offers, but we can not hold a lot of paper. 

Any questions please email @

BKLK508@comcast.net

Or call (508) 317-9047 

Thanks for looking.

Bobby Koontz