4 Acre Residential Development Opportunity

Vacant Land for Sale
Sale Pending/Contingent
Catylist Listing ID: 30790998
Property Subtypes: Mobile Home Park, Residential (Single Family)
Status: Pending/Contingent
Gross Land Area: 4 Acres
Sale Price: $4,500,000
Unit Price: $1,125,000 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/15/2022

Overview / Comments

This property reflects the assemblage of four parcels located on the northeast side of Russell Drive, approximately 500' northwest of Chuck Dawley Boulevard in the Town of Mount Pleasant. Three of the parcels are zoned R-2 and contain approximately 1 acre with approximately 225 feet of frontage on Russell Street. The fourth parcel containing approximately 3 acres is zoned R-1.

No appointment is necessary to view the property. However, it is currently operating as a 34- to 36-pad mobile home park; please do not disturb tenants. All mobile homes and trailers are owned by the tenants who have been given notice to vacate by the end of April. The site is currently served by on-site septic, redevelopment will require sewer from the Town of Mount Pleasant. All zoning, density, utilities, & school information must be verified by the buyer and buyer's agent.

The Town of Mount Pleasant indicates that mobile home park is a non-conforming use, and that the mobile home park could remain as long as that use is continued. If the use were to be abandoned for a period of 180 days, it could not be reestablished (Nonconformities section of Town Codes is 156.140). Continuation of use is not dependent on ownership. All questions should be directed to the town's general planning email planning at tompsc.com.

The pads are currently rented month to month below market. Given the location within the Town of Mount Pleasant, there is potential to increase rents to generate gross income between $200,000 and $300,000. Pads are individually metered for power, common water is provided by the owner.

TMS#532-03-00-022, 532-03-00-030, 532-03-00-031 & 532-03-00-107

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 42 - Mt.Pleasant South of IOP Connector
Taxing Authority: Town of Mount Pleasant
Tax ID/APN: 532-03-00-022, 532-03-00-030, 532-03-00-031 & 532-03-00-107
Zoning: R-1
Property Visibility: Good
Zoning Description: R-1 (3 Acres), R-2 (1 Acre)

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,447 38,012 87,952
Median Age: 39.36 41.37 38.01
Households: 3,931 16,900 36,983


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