Well located, stabilized MHP with plenty of up-side in strong market. Located in a strong location near all amenities close to downtown Orangeburg and 45 minutes from downtown Columbia. The park is NOT in a flood zone. The park has 36 lots with 35 park owned home units. There are 32 tenants total. There are no lot rent only tenants. Tenants are each paying an average of $400 per month. There is 1 vacant lot in the park that is ready for a home. Current occupancy is roughly 89%.
Park has city sewer that is directly billed to all tenants and city water that is sub-metered and is direct billed for 6 tenants. The rest of the park’s water is not sub-metered and is included in the rent. The 35 park owned homes are in average condition of mostly mid-1980’s models. The privately maintained roads are paved and in average condition as our offering price suggests.
This park is being offered as a stabilized investment with a 8.52% CAP on current lot rent only using a 45.1% expense ratio plus consideration for the park owned homes. There is an additional $69,060 of POH rental income that is not included in the CAP rate. We are asking investors for shell value only on the 35 POH of $4,748 each, below replacement cost.
We are asking our investors to submit offers at or above $700,000 for the entire park, including POH. We are looking for cash offers, however recourse bank debt may be available for this deal. At full price, using bank debt (5.5% interest, 20 YR AM, 30% down) the overall Cash On Cash Return for the park is 23%+. The price per lot is about $14,828 each and includes full infrastructure for each lot.
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