3 Mobile Home Parks

Multi-Family for Sale
Catylist Listing ID: 30740510
Property Subtypes: Mobile Home Park
Number of Units: 86 Units
Building Size (RSF): 3,813 SF
Gross Building Area: See Agent
Gross Land Area: 5.60 Acres
Sale Price: $12,000,000
Unit Price: $139,534.88 Per Unit
Property Use Type: Investment
Building Name: Palmetto Park, Central Park Estates, Creekside Estates
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 10/9/2021

Overview / Comments

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

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 32 - N.Chas./Summerville outside I-526
Taxing Authority: City of N Charleston , Charleston County
Tax ID/APN: 478-06-00-002
Zoning: MHP - Manufactured Housing Park District
Percent Occupied: 100%
Year Built: 1955
Construction/Siding: Aluminum Siding
Zoning Description: multi family
Lot Frontage: 549
Lot Depth: 731
Water Service: Municipal
Sewer Type: Municipal
Easements: Pipelines, Ingress/Egress, Utilities
Land Ownership: fee simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,113 65,511 147,042
Median Age: 28.87 31.91 32.34
Households: 2,166 25,078 55,896

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