10+1 Cash Flowing Mobile Home Park

Multi-Family for Sale
Distressed
Also listed as Vacant Land
Catylist Listing ID: 30761615
Property Subtypes: Mobile Home Park
Number of Units: 11 Units
Building Size (RSF): 13,000 SF
Gross Building Area: See Agent
Sale Price: $395,000
Unit Price: $35,909.09 Per Unit
Sale Terms: Cash to Seller
Short Sale/Bank-Owned: Yes
Cap Rate: 10.0%
Last Updated: 9/15/2021

Overview / Comments

The property is a 10 pad park with 10 park owned homes and 1 apartment in Walterboro SC. Additionally, there are 2 vacant lots, subdivided, with TMS numbers, that could be sold off. All pads have homes on them, and are occupied. The park has gravel roads, city water, city sewer, and no common electric requirements. The park sits on approximately 1.45 acres and the 2 other lots are .48 acres, and .87 acres. All the homes are park owned, and pay lot rent with their home rent.

This property offers a safe opportunity for cash flow and forced appreciation. The park is fully occupied, and market research shows limited available rentals in the price range.
Their are a few opportunities that make this park attractive;
-The park has city sewer and water, making expenses low and more attractive for bank financing -The park has been well maintained, and is in good shape
-The park is under market rent, which is showing at least $650 for a comparable home
-The park has 2 parcels of land that could be sold off, market analysis shows they are worth $10,000- $20,000 each
-Current Average rents are $584
-High Rent-$625
-Low Rent-$496

Additional Details

Nearest MSA: Charleston-North Charleston
County: Colleton
Submarket/Township: 82 - Colleton County
Tax ID/APN: 164-09-00-030.000
Total Number of Buildings: 11
Property Condition: Average
Year Built: 1980
Part of Planned Development?: Yes

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,256 9,830 15,524
Median Age: 41.7 40.36 38.95
Households: 1,261 3,905 5,940

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