Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1481997
  • Posted On: Jul 22, 2021
  • Updated On: Dec 15, 2021

Property Description

Business Description
Established Palmetto Holdings' Mobile Home Park for Sale!

Offered for sale is the Palmetto Holdings Mobile Home Park Portfolio in the Charleston, South Carolina area.

The Portfolio is comprised of three established mobile home parks with a combined total of 84 mobile home units (home & pad) and an additional two leasable single family homes. The three properties must be sold together. Current rent rate migration is moving the Portfolio’s Cap Rate from 6% to 7%.

Palmetto Holdings Mobile Home Park Portfolio includes:

Palmetto Park - 7004 Stall Road, North Charleston, SC
- 42 mobile home units and 2 single family homes
- Average per-unit rent is above $1000 per month

Central Park Estates - 942 Orangeburg Road, Summerville, SC
- 24 mobile home units
- Average per-unit rent is above $1130 per month

Creekside Estates - 111 Garwood Road, Goose Creek, SC
18 mobile home units
Average per-unit rent is above $775

These rents are as of Q1 ’21. However, 1yr leases for all three parks are currently being renewed with an average increase of $250 per unit, per month. This rent rate migration is moving the Portfolio’s Cap Rate from 6% to 7%.

The three parks have historically high occupancy rates and are located in the high growth economic development areas north of the city of Charleston. They are in close proximity to the area’s major employers; military bases and facilities; port, rail, and distribution terminals; and the Charleston International Airport. They are also convenient to local schools, colleges and universities; healthcare, shopping and recreational outlets.

NOTE*** the new leases will increase the per unit rent by at least $250 per unit per month or appx $258,000 annually - that would reflect a CAP rate of 8.3%

Location

North Charleston, South Carolina

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