Mobile Home Park Details

  • Cap Rate: 7.8%
  • Property ID: 1935510
  • Posted On: Nov 17, 2022
  • Updated On: Mar 20, 2023

Property Description

The Esterson MHC Team is pleased to present the 4 Park Portfolio in Greenville and Spartanburg, SC. The portfolio consists of 71 total MH lots with easily achievable upside by raising rents. The communities are centered around high growth markets with limited affordable housing available making this an opportunity for rent upside and continued strong demand. The current combined occupancy of this portfolio is 93%, with 61 occupied park owned homes, 5 tenant owned homes, 4 vacant homes and 1 vacant lot. Case MHP is located in Spartanburg, SC. Edgemont and Dempsey are located in Greenville, SC and Cinnamon is located in Marietta, SC.

Edgemont MHP is 17 total units consisting of 13 occupied park owned homes, 2 tenant owned homes and 2 vacant park owned homes. Case MHP is a total of 25 lots with 24 rented park owned homes, and 1 tenant owned home. Dempsey MHP is a total of 12 lots with 12 occupied park owned homes. Cinnamon MHP is 17 total lots, with 12 occupied park owned homes, 2 tenant owned homes, 2 vacant homes, and 1 vacant lot. The average lot rent across the portfolio is $399.24, with our pro forma market rent going up to $465. This portfolio’s value-add potential lies in its 1 vacant lot, 4 vacant homes, and rent upside on both the park owned units and the tenant owned homes.

This portfolio is serviced by public water in all four parks, with two of them being direct billed, one sub-metered and billed back and one of them included in the rent. Three of the four parks are on public sewer and one is on septic. Two of those parks are direct billed, one is included in the rent, and the park on septic is also paid for by the landlord.

Greenville, SC has grown almost 11% since 2020, and has seen 11.9% in job growth since 2020 as well. Located just 40 minutes from Clemson University, Greenville has grown to be one of the largest manufacturing centers in the entire country. Spartanburg, SC is located just 55 miles southwest of Charlotte, NC and just 30 miles east of Greenville, SC. Spartanburg has grown from a frontier area to a major textile hub to a diversified, manufacturing center. Spartanburg is home to world-class international firms and the highest per capita foreign investment in the state. Real Estate, and rental rates have grown tremendously over the last ten years in both Greenville and Spartanburg, SC.

We are asking that investors submit offers at $3,599,000. This portfolio is being offered as a Stabilized cash flowing investment, with upside in lot rents and home rents.

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Park Information

Community Type: All Age
Number of MH Lots: 71
Total Occupancy: 93.0 %
Average MH Lot Rent: $399
Size: 19 acre(s)

Financial Information (Actual)

Gross Income $315,874
Net Operating Income $197,049
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 65
Average Rent for Park-owned Homes: $326

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