Mobile Home Park Details

  • Price:
  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Property ID: 1000446
  • Posted on Oct 20, 2018

Property Description

Description: This property has it all (1300 sq ft ranch house with .336 acres also for sale)!
As of April 2019:
3.0 acres 15 pads and 15 mobile homes in the Mobile Home Park
94% occupancy rate
The lot rental beginning in March 2019 is $299.00 per month with 2% annual inflation increases
2 (October 2018) mobile homes are being financed with an average mortgage/escrows of $355 (in addition to the lot rent)
No 24 x 7 on call requirements for repairs to the financed mobile homes

• Two mobile homes are currently rented to only transient guests as a vacation rental property and averages $2,200 income per month.
•  This is a well established property that has been in operation since 1970

This area is highly desired as it’s nationally ranked as a top area to live and also one of the best places to retire. This current owner operated MHP is also highly desired. It offers a beautiful scenic 3.0 acre Park with seasonal views of Paris Mountain, a creek, grassy open common area and trees.
Homeowners pay excessive water and sewer usage. Some homeowners have been here for decades. 5 mobile homes are Park owned. The average mortgage is $355 monthly in addition to the lot rent which is $299 monthly (with a fixed water/sewer access minimum allowance).
The Park has a two-lane asphalt u-shaped street for convenience of all homeowners. It has a two-car asphalt-parking pad for each lot. The entire property is on one meter for city water and sewer with sub-meters and readers located at each home. The Park is total electric and has security lights.
The 3 acre Park has approximately 500 feet of road frontage on Tubbs Mountain Road Extension, approximately 400 feet creek side/water front. The excellent topography is rectangular and gently slopes downward to the creek with seasonal Paris Mountain views. If you are more interested in developing the property it is ideal for multi-family solutions.

Serious buyers only, please contact Park owner. This property is shown by appointment only. Please be considerate as the homeowners are not aware that this property is on the market.
Location: 208 Tubbs Mtn. Rd. Ext. Travelers Rest, SC 29690 in the County of Greenville. The Park is conveniently located in Travelers Rest, SC in Greenville County just 10 minutes to Greenville, SC and 45 minutes to Asheville, NC! It is just blocks to downtown, the Swamp Rabbit Trail, Sunrift Adventures, Ingles Grocery, Wal-Mart, fast food restaurants, and other shopping, doctor’s offices, North Greenville Hospital and other conveniences. Several colleges are located nearby, including Furman University, Greenville Tech, USC Update (Greenville), Bob Jones University and North Greenville University. Other conveniences within 5- 10 minutes are Lowes and Cherrydale Shopping area, which includes a cinema, Staples, Home Depot, Ross, Old Navy, Radio Shack, grocery and several fine dining restaurants.
Description, Attractions, Community etc. of Travelers Rest, SC and the surrounding communities:

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Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 94.0 %
Year Built: 1976
Average MH Lot Rent: $299
Size: 3.0 acre(s)

Financial Information (Actual)

Gross Income $100,617
Operating Expense $17,644
Net Operating Income $82,973
Expense Ratio 17.5 %
Debt Info

Lot Information

Singlewide Lots: 15

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 6
Average Rent for Park-owned Homes: $1,030

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