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Mobile Home Park

Kingstree MHC

529 Williamsburg County Hwy, Kingstree, SC 29556

Listing Price: $625,000

Cap Rate
10.55%
Number of Spaces
18
Lot Size
2.30 acres
Occupancy
100.0%
Price/Space
$34,722
Spaces/Acre
7.83
Year Built
1980

Investment Overview

Stabilized community at 100% occupancy, located in an opportunity zone. Kingstree MHC consists of 18 MH lots with 17 rent to own units and 1 tenant owned home. The average lot rental rate is $400 per month and the average rent to own payment is $200 per month. The park is located 20 min from the nearest Walmart, 52 minutes from Moncks Corner, SC, and one and a half hours from Myrtle Beach. The park is serviced by public water that is included in the rent and a mostly 1:1 septic system. Electricity is billed directly to tenants. Using a trailing 12-month average, the cost of water averages out to less than $4 per tenant per month. Trash is collected in a single dumpster. The rent to own units are an average vintage of roughly 1980 and every single unit in the park was improved by the owner after purchasing the property. The roads are gravel and in average shape as our offering price suggests. Three units in the park encroach on another parcel and will require an easement, which is currently being processed. Two are partially located on the other parcel and one is fully located on the other parcel. This parcel is owned by the same selling entity but is not included in the sale. We are asking investors to submit offers at or above $625,000, which represents a 10.55% CAP rate on lot rent income and expenses only. Give the metrics of the deal, it should qualify for traditional recourse bank debt.

Investment Highlights

  • Located in Opportunity Zone
  • Day 1 CAP Rate 10.55%
  • Public Water

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2300

    License(s) SC: 86628

    South Carolina

Mobile Home Park

Kingstree MHC

Listing Price: $625,000

Cap Rate
10.55%
Number of Spaces
18
Lot Size
2.30 acres
Occupancy
100.0%
Price/Space
$34,722
Spaces/Acre
7.83
Year Built
1980

Investment Highlights

  • Located in Opportunity Zone
  • Day 1 CAP Rate 10.55%
  • Public Water

Investment Overview

Stabilized community at 100% occupancy, located in an opportunity zone. Kingstree MHC consists of 18 MH lots with 17 rent to own units and 1 tenant owned home. The average lot rental rate is $400 per month and the average rent to own payment is $200 per month. The park is located 20 min from the nearest Walmart, 52 minutes from Moncks Corner, SC, and one and a half hours from Myrtle Beach. The park is serviced by public water that is included in the rent and a mostly 1:1 septic system. Electricity is billed directly to tenants. Using a trailing 12-month average, the cost of water averages out to less than $4 per tenant per month. Trash is collected in a single dumpster. The rent to own units are an average vintage of roughly 1980 and every single unit in the park was improved by the owner after purchasing the property. The roads are gravel and in average shape as our offering price suggests. Three units in the park encroach on another parcel and will require an easement, which is currently being processed. Two are partially located on the other parcel and one is fully located on the other parcel. This parcel is owned by the same selling entity but is not included in the sale. We are asking investors to submit offers at or above $625,000, which represents a 10.55% CAP rate on lot rent income and expenses only. Give the metrics of the deal, it should qualify for traditional recourse bank debt.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2300

    License(s): SC: 86628

    South Carolina

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