Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing
  • Property ID: 1109204
  • Posted On: Jul 19, 2019
  • Updated On: Sep 16, 2019

Property Description

MHP located less than 4 miles to Orangeburg and I-26. Park currently has 47 spaces each with public water and power paid by the tenant. Good sized lots, ample parking. The roads are gravel with some remnants of paving left. Only utility is small power bill for lights. No pets allowed. Rents for spaces are $125 and park owned homes rent for $325 to $450. Competing parks charge $200 lot rent, homes up to $600 for 3 bedroom. Rents for all could easily be increased adding instant value. Park at 55% occupancy. Owner will finance 25 years with 25% down. Terms are negotiable depending on sales price, downpayment, etc.
Owner has manager that collects rents and takes calls for him but they are not licensed. Park is being sold as-is at less than $14,000 per space with enough income to keep the new buyer above water until the rental increase or more homes are added. You can’t build a park for that price. This property has a ton of potential and can easily be turned into one of the nicest parks in the area. Owner financing could avoid a lot of fees for appraisals and origination fees with the bank, plus no need to renew loan every 5 years. Not many owners will take financing this long. Actual collected gross was 2016-$53,360 2017-$60,125 and 2018 $61,600. Current owner is a little on the lenient side with collections.
There are 16 park owned homes 11 are rented. Owner holds all titles free and clear. Vacant homes need extensive work. Seller willing to convey the homes to the new buyer is as-is condition with no warranties or value. Could easily be turned to RTO for current tenants.
There is an old RV park at back end of property. This owner has never operated it but says there was a shower and RV hookup for he thinks around 15. There's wetlands between the 2 areas and RV part needs cleared. The storms of 2015 blew down some trees on the access road to it. Could give new owner another path at revenue if it is fixed up.
This is a rural type park that the seller has owned for about 15 years. There is not any type of professional P&L available. Seller can provide income tax returns to prove income and there are some receipts for work done but a well organized portfolio is not offered. This park will require work to reach its full potential and will need someone with vision and experience to make that happen. In 5 years it could easily be highly profitable or even a great flip property.
Potential buyers are free to drive the property but please do not engage the tenants. They do not know property is for sale. Seller lives about an hour away and is not available to meet every potential buyer at the property. If you want to see the property please feel free to drive through it and call with any questions.
Address used is one of the MHP owned homes, used for GPS purposes only

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Park Information

Community Type: All Age
Number of MH Lots: 47
Total Occupancy: 55.0 %
Average MH Lot Rent: $125
Size: 14 acre(s)

Lot Information

Singlewide Lots: 47

RV Information

Number of RV Lots: 14
Average RV Lot Rent: $0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 15
Average Rent for Park-owned Homes: $400

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