9 Unit Mobile Home Park on 16 Acres in Blacksburg

^$525,000

Property Number:

515000

Address:

594 W. Carolina Street, Blacksburg SC 29702

County:

Cherokee

Lot Size:

16.33

Status:

Available

GPS Coordinates:

35.11957 / -81.52886

Description:

Calling all investors! Here is a unique opportunity to purchase a turn-key mobile home park located in the city limits of Blacksburg, SC. Zoned as “Mobile Home Park District” this park has 9 different units that provide $48,000 in annual rent. Along with the mobile homes, there is a total of 16.33 gently rolling acres, located less than a mile from the I-85 exit. The additional land would provide a great opportunity to increase the total number of mobile homes in this portfolio. There is plenty more level ground.

Property is 100% occupied. Out of the nine tenants, eight of them have been living there for over a year, and some have been there for 23+ years (see rent roll document). The owner has the titles to each mobile home, as well as the written leases. Each lease is now on a month-month basis. Age of mobile homes range from 1969 to 2004, but most are in the 80’s. While these homes are older, they are producing a substantial amount of rental income, with great, long-term tenants.

Annual rent is $48,000 with the opportunity to increase. Seven of the nine leases have not raised rents in over 3 years. 2023 property taxes totaled $4,089.56. Tenants are responsible for paying their utilities and maintaining the premises. Each home has its own public water tap and is connected to public sewer. Trash pick-up is also available.

The back property line is fenced and adjoins a small creek, with zero floodplain present. This property is located very close to Milliken and is certainly in the direct path of progress.

NOI = $43,910.44

Cap Rate = 8.36%

Sale Price is $525,000

Call listing agents below for more information. Please do NOT disturb tenants, the inside of the mobile homes will not be available to view during a showing.