Investment Overview

Marcus & Millichap is pleased to present Congaree MH Village, a 30-unit, value-add, manufactured housing investment opportunity with a strong location in West Columbia, SC. West Columbia is next to South Carolina’s capital city of Columbia in the thriving Columbia, SC MSA, which serves as the cultural, economic, and educational hub of central South Carolina. Its diverse economy is driven by sectors such as healthcare, education, government, manufacturing, and military installations. The most prominent school in the region, University of South Carolina, enrolls about 47,000 students. The Columbia area has seen significant investment from companies like Boeing, Michelin, and Nephron Pharmaceuticals. With roughly 825,000 people in the MSA, median home prices of $204,000 in West Columbia, and 2-bedroom apartment rents of $1,100 in West Columbia, the need for affordable housing continues to grow. Congaree MH Village has 30 total MH lots consisting of 19 tenant owned homes (TOH), 3 rent to owns (RTO), and 8 vacant MH lots. The average lot rental rate is $419 per month, and the average rent to own payment above lot rent is $415. The homes are generally older models, but mostly tenant owned. The park is serviced by public water that is paid for by the landlord and included in rent. Metron meters were recently installed and can be used to bill tenants for water in the future. Sewer is serviced by septic at a 2:1 ratio, which is also paid for by the landlord and included in the rent. Trash is serviced with a dumpster that is also paid for by the landlord and included in the rent. The roads are gravel and in average condition. We are asking investors to submit offers at or above $800,000. Based on the metrics of the park, it should qualify for traditional recourse debt.