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Mobile Home Park

4 Park Portfolio - SC

150 Chelsea St, Moore, SC 29369

Listing Price: Request For Offer

Lot Size
77.16 acres
Occupancy
88.0%
Year Built
1970

Investment Overview

The Spartanburg, SC and Forest City, NC, MSA’s are experiencing sustained population growth and present diverse employment opportunities, but the increasing cost of living is making affordable housing more important than ever. In the Spartanburg MSA, approximately 30% of renters are spending more than 30% of their income on housing costs. In the Forest City MSA, over 25% of households are spending more than 30% of their income on housing expenses. With population growth of 6.6% in the Forest City MSA and 15% in the Spartanburg MSA, the need for affordable housing is only growing stronger. Located one hour SE of downtown Charlotte, Wadesboro, NC is known for agriculture and manufacturing. With the average 2-bdr apartment rent almost $1,000 in Wadesboro, there is a consistent need for additional affordable housing.

The 7-park portfolio has a total of 193 MH lots and 1 single family home (SFH) consisting of 95 tenant owned homes (TOH), 75 rented park owned homes (POH), 8 vacant POH, 15 vacant MH lots, and 1 rented SFH. Lot rents in the portfolio generally range from $225 - $300 and POH rents generally range from
$600 - $925, with the SFH renting for $800. All TOH’s, most POH’s, and the SFH are below market. The average age of POH’s across the portfolio is roughly 1991 and they are in average condition. In order to use the vacant lots at Pineview Circle, you must show county that utilities are up to code and a clean Phase 1. Note that stated lot rents at all parks take effect Oct 1, 2023.

All parks are serviced by public water that is billed directly to tenants. Gateview, Chelsea, and Spring Valley are on public sewer billed directly to tenants. Oasis, Pleasant Acres, Green Acres, and Pineview Circle are on septic included in rent. Gateview and Spring valley have curbside trash billed directly to
tenants, while Oasis and Chelsea have curbside trash included in rent. Pleasant Acres, Green Acres, and Pineview Circle have dumpsters included in rent. All parks are on public electricity that is billed directly to tenants. The roads are paved at 4 parks with Spring Valley, Pineview Circle, and Green Acres having gravel roads. Chelsea is the only park with public roads.

With high occupancy, below market rents, and strong markets, this portfolio presents a great opportunity to create more scale or enter into the rapidly growing Carolina markets. We are asking investors to submit their best offers, as no pricing guidance will be given. Offers structured with cash at closing, seller financing elements, or joint ventures will all be considered. Offers on individual parks or portions of the portfolio may also be considered.. Not all offers will be countered. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.

Investment Highlights

  • All parks on public water billed directly to tenants
  • 88% occupancy
  • Below market rents

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (843) 952-2300

    License(s) SC: 86628

    South Carolina

Mobile Home Park

4 Park Portfolio - SC

Listing Price: Request For Offer

Lot Size
77.16 acres
Occupancy
88.0%
Year Built
1970

Investment Highlights

  • All parks on public water billed directly to tenants
  • 88% occupancy
  • Below market rents

Investment Overview

The Spartanburg, SC and Forest City, NC, MSA’s are experiencing sustained population growth and present diverse employment opportunities, but the increasing cost of living is making affordable housing more important than ever. In the Spartanburg MSA, approximately 30% of renters are spending more than 30% of their income on housing costs. In the Forest City MSA, over 25% of households are spending more than 30% of their income on housing expenses. With population growth of 6.6% in the Forest City MSA and 15% in the Spartanburg MSA, the need for affordable housing is only growing stronger. Located one hour SE of downtown Charlotte, Wadesboro, NC is known for agriculture and manufacturing. With the average 2-bdr apartment rent almost $1,000 in Wadesboro, there is a consistent need for additional affordable housing. The 7-park portfolio has a total of 193 MH lots and 1 single family home (SFH) consisting of 95 tenant owned homes (TOH), 75 rented park owned homes (POH), 8 vacant POH, 15 vacant MH lots, and 1 rented SFH. Lot rents in the portfolio generally range from $225 - $300 and POH rents generally range from $600 - $925, with the SFH renting for $800. All TOH’s, most POH’s, and the SFH are below market. The average age of POH’s across the portfolio is roughly 1991 and they are in average condition. In order to use the vacant lots at Pineview Circle, you must show county that utilities are up to code and a clean Phase 1. Note that stated lot rents at all parks take effect Oct 1, 2023. All parks are serviced by public water that is billed directly to tenants. Gateview, Chelsea, and Spring Valley are on public sewer billed directly to tenants. Oasis, Pleasant Acres, Green Acres, and Pineview Circle are on septic included in rent. Gateview and Spring valley have curbside trash billed directly to tenants, while Oasis and Chelsea have curbside trash included in rent. Pleasant Acres, Green Acres, and Pineview Circle have dumpsters included in rent. All parks are on public electricity that is billed directly to tenants. The roads are paved at 4 parks with Spring Valley, Pineview Circle, and Green Acres having gravel roads. Chelsea is the only park with public roads. With high occupancy, below market rents, and strong markets, this portfolio presents a great opportunity to create more scale or enter into the rapidly growing Carolina markets. We are asking investors to submit their best offers, as no pricing guidance will be given. Offers structured with cash at closing, seller financing elements, or joint ventures will all be considered. Offers on individual parks or portions of the portfolio may also be considered.. Not all offers will be countered. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (843) 952-2300

    License(s): SC: 86628

    South Carolina

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