Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 12.0% (Actual)
- Listing ID: 1447266
- Posted On: May 28, 2021
- Updated On: Nov 22, 2021
Description
This is an 18 lot MHP in Kingstree. Currently all units are rented. All homes are under rent to own contracts so tenants pay for upkeep and taxes. Lot rents average $300 and another $200 goes towards RTO for total of $500 per lot. RTO contracts are very tight and late payments do not apply to the principle. Water bills for entire park only average about $75 and are owners responsibility. Owners have verified this is correct according to the water company. Septic for sewage. Owner keeps pretty good records. Seller has spent roughly $150,000 in last 2 years on improvements and repairs. There is a new convenience store that is supposed to open soon at the front of the park. Driveway was recently graded with some fill added. This area has a high demand for affordable housing.
Location
From downtown Kingstree head north of Williamsburg County Hwy. Property on the left
Park Information
| Number of MH Lots: | 18 |
| Total Occupancy: | 100.0 % |
| Average MH Lot Rent: | $500 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $98,000 |
| Operating Expense: | $16,786 |
| Net Operating Income: | $81,214 |
| Expense Ratio: | 17.1 % |
Lot Information
| Singlewide Lots: | 18 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | Septic |