The Esterson MHC Team is pleased to present this 4-park portfolio located in the Spartanburg, SC MSA, a stabilized with upside investment consisting of 100 total units.
The Spartanburg, SC MSA is experiencing sustained, rapid population growth with a robust and diversified economy. It’s home to several major automotive manufacturing plants including BMW and Michelin, prominent healthcare institutions, and numerous logistics and distribution companies due to its strategic location with access to major highways and railroads. It is also an emerging hub for biotechnology and medical research. With 15% population growth in the Spartanburg MSA, average 2-bedroom apartment rents pushing $1,000, and a median home price of $232,00, the need for affordable housing is only growing stronger.
This 4-park portfolio has 98 MH lots and 2 single family homes (SFH) with 36 tenant owned homes (TOH), 48 rented park owned homes (POH), 11 vacant POH, 3 vacant MH lots, 1 rented SFH and 1 vacant SFH. The average monthly lot rental rate in the portfolio is $317, the average monthly POH rent is $463 above lot rent, and the SFH is rented for $800. All lot rents are significantly below market. Most of the POH’s are also below market. The average age of POH’s across the portfolio is roughly 1991 and they are in average condition.
All the parks are serviced by public water with 3 billed directly to tenants and 1 included in the rent. 3 of the parks are serviced by public sewer that is also billed directly to tenants. Oasis MHP is the only park with septic, which is maintained by the park and included in rent. All parks are serviced by curbside trash, which is billed directly to tenants at 2 parks and included in the rent at 2 parks. Electricity is billed directly to tenants at all parks. The roads at Gateview and Oasis are paved and maintained by the park. They are newly re-paved at Gateview. The road at Chelsea is paved and publicly maintained. The road at Spring Valley is gravel and maintained by the park. There are no flood zones and no opportunity zones.
With high occupancy, below market rents, and an excellent market, this portfolio presents a great opportunity to create more scale or enter with scale into the rapidly growing Spartanburg, SC MSA. We are asking investors to submit offers at $4,000,000. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.