Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 9.8%
  • Property ID: 1302945
  • Posted On: Aug 8, 2020
  • Updated On: Nov 8, 2020

Property Description

Great location.​​​ Close to Interstate I-85 and an exit therefrom and only minutes from the University of South Carolina Spartanburg Upstate.​​​ Less than 5 miles from Walmart on Hwy 9 (10 minutes away).​​​ High demand for rentals and cannot establish any more manufactured housing parks in Spartanburg.​​​ The Greenville and Spartanburg markets are hot markets.​​​ 18 space, an all-age manufactured housing community 13 park-owned homes, 3 lot rental spaces, 2 vacant lots ready for units.​​​ There are electric, water, and sewer hookups.​​​ On-site storage shed building.​​​ City water and city sewer.​​​ Two main water meters.​​​ One for each side of the park. Conceivably could submeter to tenants and exponentially increase net operating income.​​​ Two buildable separate parcels empty lots included in the sale.​​​ Park parcel exceeds 2 acres almost 3.​​​ The park is full and stays full.​​​ Long term tenants and very quiet park.​​​ Units are in great shape and very well maintained.​​​ All roofs have been Cool sealed.​​​ Most units have brand-new furnaces and hot water heaters.​​​ Low taxes and maintenance costs.​​​ Rent 2 vacant lots at $250 each or put units in and rent each for $550.​​​ Increase the rent on some of the units to bring it up to current market rent rate.​​​ Utilize the two buildable lots next door to build houses or add more units.​​​ *That will increase the Net Operating Income.​​​* This is a high barrier to entry market of Spartanburg, SC for an existing 20 space MHP with several extra substantial parcels suitable for either more manufactured housing or several duplexes thus increasing NOI exponentially. Other websites are http://properties.svn.com/758207-sale and https://www.crexi.com/properties/429658/south-carolina-midwood-mhp-in-spartanburg-10-cap-rate and I have attached an Offering Memorandum also.

Rent Roll:

Location Rent unit size Term

105 Tinsley Heights 545.00 Large 2/2 2 years

108 Tinsley Heights 495.00 3/2 over 5 years

109 Tinsley Heights 545.00 3/2 over 5 years

112 Tinsley Heights 545.00 Large 2/2 2 years

113 Tinsley Heights 250.00 lot rental 2 years

116 Tinsley Heights 545.00 3/2 2 years

117 Tinsley Heights 250.00 lot rental over 13 years

120 Tinsley Heights 545.00 2/1 over 2 years

121 Tinsley Heights 545.00 3/2 over 3 years

124 Tinsley Heights 545.00 Large 2/2 over 1 year

125 Tinsley Heights 545.00 Large 2/2 over 4 years

128 Tinsley Heights 495.00 2/1 over 10 years

129 Tinsley Heights 495.00 large 2/1 over 14 years

132 Tinsley Heights 475.00 3/2 over 5 years

136 Tinsley Heights 495.00 2/1 1 year

137 Tinsley Heights 250.00 lot rental over 13 years

Total: $7565 monthly.​​​ Annually: $90,780

Monthly Expenses:

Trash: $200.50

Water/sewer: $752.00

Insurance: $95

Taxes: $481.50

Maintenance: $385

Total Expenses: $1914

Annually: $22,968

Profit and Loss

Income:

1.​​​ Income: $90,780

2.​​​ Late fees: $ 450

3.​​​ Total: $ 91,230

Expenses:

1.​​​ Trash: $2406

2.​​​ Water/ sewer: $9024

3.​​​ Insurance: $1140

4.​​​ Taxes: $5,778

5.​​​ Maintenance: $ 4,620

6.​​​ Total expenses: $22,968

Income: $ 91,230

Expenses: $ 22,968

Net Income: $ 68,262

List Price: $695,000

Cap Rate: 9.83% Current - 10 % + Due to Value Add Aspects Possible

Location

Great location.​​​ Close to Interstate I-85 and an exit therefrom and only minutes from the University of South Carolina Spartanburg Upstate.​​​ Less than 5 miles from Walmart on Hwy 9 (10 minutes away).​​​ Within the full scope of Spartanburg/Greenville and all industries such as BMW and others. Shopping Amenities and all other aspects are close.

Amenities

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

Park Information

Community Type: All Age
Number of MH Lots: 20
Total Occupancy: 100.0 %
Average MH Lot Rent: $545
Size: 3 acre(s)

Financial Information (Actual)

Gross Income $91,230
Operating Expense $22,968
Net Operating Income $68,262
Expense Ratio 25.2 %
Debt Info

Lot Information

Park Model Lots: 20

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 13
Average Rent for Park-owned Homes: $545

Download Documents

Similar Mobile Home Parks for Sale