Contact Information

Todd Fletcher

Newmark

CONTACT BROKER

Price: $1,000,000
Cap Rate: 8.6%
Listing ID: 6761145
Posted On: Oct 31, 2024
Updated On: Nov 5, 2024

Description

Opportunity to purchase a fully
occupied 13-site manufactured
housing community in the highly
desirable Columbia, SC market.
– The community, serviced by well water and city sewer,
features an attractive layout with off-street parking and
shaded trees throughout.
– Value-add opportunity to raise lot rents to boost
revenue. According to the rent comps on page 4,
the average all-in rent (lot and home) for comparable
properties is $1,056 versus $792 at the subject
community. Moving all tenants up to market rent at
current occupancy levels would add over $41,000 in
additional annual rental revenue for the next owner.
Surrounding apartments and single-family homes are
renting for $1,400+, thus further demonstrating the
below market rents at the subject community.
– Further value-add opportunity to install submeters and
start billing tenants back for their water/sewer usage.
– The offering includes 13 park-owned homes, of which
13 are currently occupied as pure rentals averaging
$331 for the home rent portion. The homes are all
1990s models and in fantastic condition.
– The current owner has spent approximately $8,100 in
total on rehabbing two of the units (including replacing
the HVAC Condenser).
– There is a strong demand for affordable housing in this
market. Within a 10-mile radius of the community, the
total population is 326,621 with average household
income of $93,100 and average home values
of $311,837.

Location

– The community is ideally located in Columbia, SC and near major
thoroughfare I-20, providing easy access to other larger markets
such as Augusta, Charlotte, and Atlanta.
– Columbia is the largest city and the capital of the state of South
Carolina, home to more than 144,000 residents, while the metro
area contains roughly 858,000 residents.
– The city is home to the University of South Carolina (USC), the
state’s flagship and largest university, boasting an enrollment
of nearly 54,000 students across the eight campuses. The
university has forged ties with global industry giants, driving
hundreds of millions of dollars into the state’s economy.
– Columbia is also the site of Fort Jackson, the largest United
States Army installation for Basic Combat Training. Columbia
enjoys a diversified economy, with the major employers in the
area being South Carolina state government, the Prisma Health
system, Blue Cross Blue Shield of South Carolina, Unites States
Department of the Army, and the University of South Carolina.
– Columbia is a creative hub, fed by university and capital city
communities - all while being surrounded by natural beauty.
From cozy enclaves of coffee shops and cocktail bars to bustling
downtown streets to quiet havens of incredible natural beauty,
Columbia’s neighborhoods are diverse and distinct, each offering
its own unique delights to discover.
– Five Points District is one of Columbia’s busiest and most
charming, pedestrian-friendly neighborhoods. The district
plays host to daytime activities such as sidewalk dining and
shopping and at night, Five Points turns into one of Columbia’s
most vibrant entertainment districts, offering patrons a unique
experience that cannot be duplicated anywhere else in the
country. From funky, independent, daytime merchants to
creative bar and restaurant concepts and more, the 150-business
district leaves a lasting impression on anyone who visits.