36-pad Mobile Home Park

Vacant Land for Sale
Sale Pending/Contingent
Catylist Listing ID: 30811719
Property Subtypes: Mobile Home Park, Residential (Single Family)
Status: Pending/Contingent
Gross Land Area: 4 Acres
Sale Price: $4,100,000
Unit Price: $1,025,000 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/29/2022

Overview / Comments

This property is in probate, sale is subject to court approval.

This offering reflects an existing mobile home park operating for decades at near full occupancy. The majority of tenants have been vacated to allow for increasing pad rates to market, or for residential redevelopment. The property also includes two residential lots that cannot be used for mobile homes, but offer potential for residential development, or resale to recoup the initial investment in the park. The park alone has potential value of $3,600,000 at market rates while the lots are priced at $550,000 each. The $4,100,000 list price was set by the court.

The park is accessed via a gravel road through a 25' strip of land passing between the two lots that is under the same ownership. The lots can be sold separately, but their sale will be contingent upon a closed sale of the mobile home park. Each lot will be reduced in size slightly to increase the park access road to 50'. Each lot will contain 0.395 acres after property line adjustment.

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 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 net income over $200,000. 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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