Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 16.9%
  • Property ID: 1012227
  • Posted On: Dec 2, 2018
  • Updated On: May 19, 2020

Property Description

Average lot rent based on park-owned mobile homes only - does not include the two lot rent only lots. One house is vacant. One empty space. Some homes currently rented at lower rates.
As tenants leave and new ones move in, the rent rates are increased to $425-$475 depending on the size of the home. There are four 3 bedroom homes, the remaining homes are 2 bedroom.
There is room to raise the rents on existing tenants. The maintenance man and lawn service are on-site.
I have put a lot of work into the park and I will continue to work on the park until closing, so I will have the additional home rented. It will be ready and available to rent for $450/mth in November 2019 raising the gross income by an additional $5400/yr. With all available homes and lots rented year round at the current rates, the gross income will be $65,040.00 annually. Need to Sell. No Owner-financing. $270,000.00
PLEASE DO NOT BOTHER THE TENANTS. Thank you.

Location

2.53 Acres Bobby Gerald HWY, Marion County, SC 29571
18 spots, 15 mobile homes, 2 lot rents
TMS# 053-00-00-077-000

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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 88.0 %
Average MH Lot Rent: $337
Size: 3 acre(s)

Financial Information

Gross Income $57,215
Operating Expense $11,497
Net Operating Income $45,717
Expense Ratio 20.1 %
Debt Info

Lot Information

Singlewide Lots: 18

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 15
Average Rent for Park-owned Homes: $297

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