• 342 Old Boiling Springs Road, Spartanburg, SC 29303

For Sale

Multi-Family

For Sale

This property is available for sale
2.7
Acres
$695,000
Sale Price
  • Overview

    Great location.​​​​​ Close to Interstate I-85 and an Exit therefrom and only minutes from the University of South Carolina Spartanburg Upstate.​​​​​ Less than 5 miles from Walmart on Hwy 9 (10 minutes away).​​​​​ High demand for rentals and cannot establish any more manufactured housing parks in Spartanburg.​​​​​ The Greenville and Spartanburg markets are hot markets.​​​​​ 18 space, an all-age manufactured housing community 13 park-owned homes, 3 lot rental spaces, 2 vacant lots ready for units.​​​​​ There are electric, water, and sewer hookups.​​​​​ On-site storage shed building.​​​​​ City water and city sewer create strong value.​​​​​ Two main water meters.​​​​​ One for each side of the park.​​​​​ Submeter the water/sewer to tenants as an added value to net operating income.​ Two buildable separate parcels empty lots included in the sale increase the NOI potential.​​​​​ Park parcel is more than 2 acres.​​​​​ The park is full and stays full.​​​​​ Long term tenants and very quiet park.​​​​​ Units are in great shape and very well maintained.​​​​​ All roofs have been Cool sealed.​​​​​ Most units have brand-new furnaces and hot water heaters.​​​​​ Low taxes and maintenance costs.​​​​​ Rent 2 vacant lots at $250 each or put units in and rent each for $550.​​​​​ Increase the rent on some of the units to bring it up to current market rent rate.​​​​​ Utilize the two buildable lots next door to build houses or add more units.​​​​​ *That will increase the Net Operating Income.​​​​​* Great location. Close to Interstate I-85 and an Exit therefrom and only minutes from the University of South Carolina Spartanburg Upstate. Less than 5 miles from Walmart on Hwy 9 (10 minutes away). High demand for rentals and cannot establish any more manufactured housing parks in Spartanburg. The Greenville and Spartanburg markets are hot markets. 18 space, an all-age manufactured housing community 13 park-owned homes, 3 lot rental spaces, 2 vacant lots ready for units. There are electric, water, and sewer hookups. On-site storage shed building. City water and city sewer. Two main water meters. One for each side of the park. Submeter water/sewer for exponential net operating income jump from tenants. Two buildable separate parcels empty lots included in the sale. Park parcel plus ancillary parcels are almost 3 acres. The park is full and stays full. Long term tenants and very quiet park. Units are in great shape and very well maintained. All roofs have been Cool sealed. Most units have brand-new furnaces and hot water heaters. Low taxes and maintenance costs. Rent 2 vacant lots at $250 each or put units in and rent each for $550. Increase the rent on some of the units to bring it up to current market rent rate. Utilize the two buildable lots next door to build houses or add more units. *That will increase the Net Operating Income.* Rent Roll: Location Rent unit size Term 105 Tin 545.00 Large 2/2 2 years 108 Tin 495.00 3/2 over 5 years 109 Tin 545.00 3/2 over 5 years 112 Tin 545.00 Large 2/2 2 years 113 Tin 250.00 lot rental 2 years 116 Tin 545.00 3/2 2 years 117 Tin 250.00 lot rental over 13 years 120 Tin 545.00 2/1 over 2 years 121 Tin 545.00 3/2 over 3 years 124 Tin 545.00 Large 2/2 over 1 year 125 Tin 545.00 Large 2/2 over 4 years 128 Tin 495.00 2/1 over 10 years 129 Tin 495.00 large 2/1 over 14 years 132 Tin 475.00 3/2 over 5 years 136 Tin 495.00 2/1 1 year 137 Tin 250.00 lot rental over 13 years Total: $7565 monthly. Annually: $90,780 Monthly Expenses: Trash: $200.50 Water/sewer: $752.00 Insurance: $95 Taxes: $481.50 Maintenance: $385 Total Expenses: $1914 Annually: $22,968 Profit and Loss Income: 1. Income: $90,780 2. Late fees: $ 450 3. Total: $ 91,230 Expenses: 1. Trash: $2406 2. Water/ sewer: $9024 3. Insurance: $1140 4. Taxes: $5,778 5. Maintenance: $ 4,620 6. Total expenses: $22,968 Income: $ 91,230 Expenses: $ 22,968 Net Income: $ 68,262 List Price: $699,000 Cap Rate: 10 %

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Property Details

Midwood Manufactured Housing Park In Spartanburg MSA 10% Cap Rate

Great location.​​​​​ Close to Interstate I-85 and an Exit therefrom and only minutes from the University of South Carolina Spartanburg Upstate.​​​​​ Less than 5 miles from Walmart on Hwy 9 (10 minutes away).​​​​​ High demand for rentals and cannot establish any more manufactured housing parks in Spartanburg.​​​​​ The Greenville and Spartanburg markets are hot markets.​​​​​ 18 space, an all-age manufactured housing community 13 park-owned homes, 3 lot rental spaces, 2 vacant lots ready for units.​​​​​ There are electric, water, and sewer hookups.​​​​​ On-site storage shed building.​​​​​ City water and city sewer create strong value.​​​​​ Two main water meters.​​​​​ One for each side of the park.​​​​​ Submeter the water/sewer to tenants as an added value to net operating income.​ Two buildable separate parcels empty lots included in the sale increase the NOI potential.​​​​​ Park parcel is more than 2 acres.​​​​​ The park is full and stays full.​​​​​ Long term tenants and very quiet park.​​​​​ Units are in great shape and very well maintained.​​​​​ All roofs have been Cool sealed.​​​​​ Most units have brand-new furnaces and hot water heaters.​​​​​ Low taxes and maintenance costs.​​​​​ Rent 2 vacant lots at $250 each or put units in and rent each for $550.​​​​​ Increase the rent on some of the units to bring it up to current market rent rate.​​​​​ Utilize the two buildable lots next door to build houses or add more units.​​​​​ *That will increase the Net Operating Income.​​​​​* Great location. Close to Interstate I-85 and an Exit therefrom and only minutes from the University of South Carolina Spartanburg Upstate. Less than 5 miles from Walmart on Hwy 9 (10 minutes away). High demand for rentals and cannot establish any more manufactured housing parks in Spartanburg. The Greenville and Spartanburg markets are hot markets. 18 space, an all-age manufactured housing community 13 park-owned homes, 3 lot rental spaces, 2 vacant lots ready for units. There are electric, water, and sewer hookups. On-site storage shed building. City water and city sewer. Two main water meters. One for each side of the park. Submeter water/sewer for exponential net operating income jump from tenants. Two buildable separate parcels empty lots included in the sale. Park parcel plus ancillary parcels are almost 3 acres. The park is full and stays full. Long term tenants and very quiet park. Units are in great shape and very well maintained. All roofs have been Cool sealed. Most units have brand-new furnaces and hot water heaters. Low taxes and maintenance costs. Rent 2 vacant lots at $250 each or put units in and rent each for $550. Increase the rent on some of the units to bring it up to current market rent rate. Utilize the two buildable lots next door to build houses or add more units. *That will increase the Net Operating Income.* Rent Roll: Location Rent unit size Term 105 Tin 545.00 Large 2/2 2 years 108 Tin 495.00 3/2 over 5 years 109 Tin 545.00 3/2 over 5 years 112 Tin 545.00 Large 2/2 2 years 113 Tin 250.00 lot rental 2 years 116 Tin 545.00 3/2 2 years 117 Tin 250.00 lot rental over 13 years 120 Tin 545.00 2/1 over 2 years 121 Tin 545.00 3/2 over 3 years 124 Tin 545.00 Large 2/2 over 1 year 125 Tin 545.00 Large 2/2 over 4 years 128 Tin 495.00 2/1 over 10 years 129 Tin 495.00 large 2/1 over 14 years 132 Tin 475.00 3/2 over 5 years 136 Tin 495.00 2/1 1 year 137 Tin 250.00 lot rental over 13 years Total: $7565 monthly. Annually: $90,780 Monthly Expenses: Trash: $200.50 Water/sewer: $752.00 Insurance: $95 Taxes: $481.50 Maintenance: $385 Total Expenses: $1914 Annually: $22,968 Profit and Loss Income: 1. Income: $90,780 2. Late fees: $ 450 3. Total: $ 91,230 Expenses: 1. Trash: $2406 2. Water/ sewer: $9024 3. Insurance: $1140 4. Taxes: $5,778 5. Maintenance: $ 4,620 6. Total expenses: $22,968 Income: $ 91,230 Expenses: $ 22,968 Net Income: $ 68,262 List Price: $699,000 Cap Rate: 10 %

  • Property Type
    Multi-Family
  • Sale Price
    $695,000
  • Total Acres
    2.7
  • Sale Status
    Available
  • Last updated
    Aug 09, 2020
  • Property ID
    2164376

Landlord's Sales Representative

  • gil.bradham@svn.com