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Mobile Home Park Details

  • Price: $3,960,000
  • Property ID: 1013789
  • Posted on Dec 7, 2018

Property Description

The MHP Broker brings to you the sale of a well loacated stabilized MHP, with up-side in strong market. The 3-park portfolio has 2 adjacent parks, and another other park nearby, within walking distance. This portfolio has 98 lots and 96 tenants total, with lot-rent-only tenants each paying $300-350. Current occupancy is 98%.
This MHP Portfolio has city water and sewer at all parks that are billed-back to the tenants. There are 30 park-owned homes (POH). The tenant-owned units are in good shape, with majority of them being 1970-1980’s models. The
privately-maintained roads are paved and in good condition, as our offering price suggests. The parks are NOT in a flood zone. Located in an excellent area near all amenities close to downtown Charleston, South Carolina.
This portfolio is being offered as a stabilized investment, with a 7.00% CAP on current lot-rent only, using a 36% expense ratio. We are looking for cash offers, however, recourse bank debt may be available for this deal. At full-price, using CMBS (5.50% interest, 25 YR AM, 25% down), the Total Return for the park is 16%+. The price per lot is about $40,408, and includes full infrastructure for each lot.
We are asking our investors to submit offers at, or above $3.96M for the entire
park, including POH. The potential of this park, using an 97.5% occupancy, and
only calculating the $375 Lot-Rent Value, and equal consideration for the POH, is $4,536,000

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 98
Average MH Lot Rent: $303
Size: 9.1 acre(s)

Lot Information

Singlewide Lots: 98

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 30
Average Rent for Park-owned Homes: $332

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