Mobile Home Park Details

  • Property ID: 1004248
  • Posted On: Nov 1, 2018
  • Updated On: Aug 4, 2019

Property Description

The Glen at Union is a low density, aesthetically pleasing, wooded park. It is located on a cul-de-sac at the end of a nice residential neighborhood. The park sits on 4.5 acres and is located in Union, South Carolina. The park is less than 30 minutes to Spartanburg and Gaffney, 1.5 miles from Union High School, 3 miles to the elementary school, and only 4 miles to the Super Walmart. It is in the Upstate region of SC, on the southern edge of the much heralded Greenville/Spartanburg Corridor.

This property includes 18 pad sites, including 2 lot renters, 4 rented park owned homes, 5 homes in need of fixing, and 7 vacant lots ready for your new homes. As is, it produces a 7% (+/-) return.

This park has huge upside. Prospective buyers should project revenue, expenses, and cash flow using their own experience formulas. We have projected fixing the 5 fixable units for $15,000, adding 7 homes at an average cost of $12,000, and raising lot rents. This results in renovation costs of $99,000. On the new basis including the renovation costs, the percentage return is in the high teens.

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Park Information

Number of MH Lots: 18
Total Occupancy: 33.0 %
Size: 5 acre(s)

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 9
Average Rent for Park-owned Homes: $456

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