CLOVER VALLEY MOBILE HOME PARK 22-unit storage building Front Office Vacant land for additional units Investment Highlights: 61 space, all-age manufactured housing community 59 park-owned homes On-site office & maintenance staff On-site fenced-in workshop & storage building City water & sewer 22 storage unit facility on site 16+ acres Vacant land on premise for additional units Close Proximity to Carolina Hospital, Walmart, & Lowes within 4 miles of property
Storage units & workshop Property Summary: Property Name Clover Valley Mobile Home Park Property Address 1421 Gilbert Dr, Florence, SC 29506 Type of Park All Age Rental Agreement One Year Number of Spaces 61 Vacant Spaces 2 Number of Park Owned Homes 59 Land Size 16+ Acres List Price $1,750,000 Parking Ample
Utilities Paid By Company Water Landlord City of Florence Electric Tenant Duke Energy Sewer Landlord City of Florence Trash Landlord Waste Management Clover Valley Mobile Home Park is a 61 space, all-age community located in Florence, SC. It is located on 16+ acres & being offered on the basis of its current income. The average 3-bedroom apartment rents in Florence for $839. Unemployment rate is 5.25%, lower than the U.S. unemployment rate of 6.3%. Median home price in Florence is $119,100. The park currently has on-site maintenance staff. Florence, South Carolina is located at the intersection of Interstate 95 and Interstate 20, and only 70 miles from Myrtle Beach, Florence is the prime location for many business. It is currently a major hub for manufacturing and commerce with nine foreign affiliated companies and 14 Fortune 500 companies calling Florence home. AT&T and Duke Energy also have headquarters here. Florence has a thriving economy as a transportation and distribution center with manufacturing and agriculture added to the mix. The main transportation routes from the north and east split at this point, continuing inland to Atlanta and down the coast to Savannah and into Florida. Manufacturers include Honda, GE, Maytag, DuPont, and Southeastern Steel. The McLeod Regional Medical Center adds a significant health care presence. Darlington Raceway 5 miles north is an active NASCAR track, and a series of state parks offer some recreation in the piney hills to the northwest. The area is strong financially with an attractive. Cost of living Index and healthy recent job growth. Florence has blossomed into a strong center for medical care, with three major medical providers McLeod Regional Medical Center, Carolinas Hospital System, and HealthSouth. The growth of these providers has led to the transformation of the Florence skyline over the last 10 years. This growth has led to the demand and development of multi-story, high-rises, as well as community relation projects. Development in recent years has brought the headquarters of pharmaceutical and insurance companies such as, General Electric Medical Systems Manufacturing, to the area. With all the economic growth and close proximity to tourist attractions like Myrtle Beach, Florence is an excellent city to invest.
Downtown Walmart Lowes Hospital MHP Carolina Hospital only 1.3 miles (3min drive) from the MHP
EXPENSES Current Real Estate Taxes $13330 Insurance Liability $2220 Insurance Building $6492 Management $24200 Utilities Water & Sewer $39600 Electric $1980 Trash $3900 Total Utilities $45480 Repairs & Maintenance $24000 General & Administrative $2045 Telephone/Internet 780 Maintenance Staff Salaries $38400 Total Expenses $156947 % of EGI 43.3% Comments: The Repairs/Maintenance and the Maintenance Staff Salaries are higher than normal due to completing the rehab for the remaining five units. Income Current GROSS POTENTIAL INCOME $361,080 Vacancy/Collection Allowance (% of GPI) 5% / $18,054 EFFECTIVE GROSS INCOME $343,026 Total Expenses $156,947 NET OPERATING INCOME $204,133
Rent Roll Name Lot # Income Income with Increase Temporary Office 1 3b2b 545.00 545.00 Jackson, Charmion 2 3b1.5b 495.00 545.00 Bishop, Valerie 3 2b1b 395.00 495.00 Bostick, Delvin 4 3b1b 495.00 495.00 vacant Lot 5 545.00 Robinson, Selma 6 2b1b 450.00 495.00 Johnson, Bernard 7 2b1b 450.00 495.00 Anderson, Diane 8 3b2b 595.00 595.00 Fortune, Shaquana 9 3b2b 495.00 545.00 10 2b2b 495.00 545.00 Black, Janet 11 3b2b 545.00 545.00 Bartell-Fields, Shaunina 12 3b1.75b 595.00 595.00 Gause, Delores 13 2b1b 395.00 495.00 Thomas, blair 14 2b2b 475.00 525.00 Robinson, Pamela 15 3b1b 450.00 495.00 Malloy, Carol 16 2b2b 350.00 495.00 Whack, Leon 17 2b1b 450.00 495.00 cooper, Kashima 18 2b1b 450.00 495.00 Benjamin, Dominique 19 3b2b 595.00 595.00 Pigett, Lathsa 20 2b1b 450.00 495.00 Jaines, Shanika 21 2b1b 450.00 495.00 Fillmore, Sabrina 22 2b2b 450.00 495.00 Barr, Anthony 23 2b1b 450.00 495.00
melton, Shirley 24 2b2b 495.00 495.00 Cameron, Pearl 25 3b1b 495.00 495.00 Culbreth, Ashley 26 2b1b 450.00 495.00 Mcduffie, Lashannon 27 2b1b 400.00 495.00 Hines, Shameka 28 3b1.5b 525.00 545.00 Smith, Kenyetta 29 2b1.5b 450.00 495.00 Taylor, Jimmy 30 2b1b 450.00 495.00 Wright, Catherine 31 3b2b 600.00 600.00 Richardson, Gracie 32 2b1.5b 450.00 495.00 Davis, Nadaydra 33 2b1.5b 495.00 495.00 Gordon, Jasmine 34 2b1b 450.00 495.00 Montgomery, Ashia 35 3b2b 545.00 545.00 Mccall, Gloria 36 3b2b 545.00 545.00 Blather, Jessica 37 3b2b 545.00 545.00 Gurley, Lorey 38 3b2b 545.00 545.00 Williams, Judy 39 3b2b 545.00 545.00 40 3b1.5b 525.00 525.00 McGoogan, Emmanuel 41 2b2b 495.00 495.00 Davis, Brenda 42 2b2b 475.00 525.00 Cooper, Lillie 43 3b2b 550.00 550.00 44 3b2b 545.00 545.00 Washignton, Nathasha 45 2b1b 475.00 475.00 McCormick, Theresa 46 2b1b 475.00 495.00
Smith, Jim 47 2b1.75b 495.00 495.00 Rob, Tony 48 1b1b 450.00 450.00 Supreme, Gail 49 3b2b 550.00 550.00 Kelly, Dan 50 2b2b 495.00 495.00 Taylor, Opal 51 2b1b 450.00 495.00 Brown, Wallace 52 2b2b 545.00 545.00 Duffey, Pamela 53 2b1b 450.00 495.00 Vacant Lot 54 545.00 Fields, Britney 55 2b1b 475.00 495.00 Brooks, jessie 56 2b1b 475.00 495.00 57 2b1.75b 495.00 495.00 Coe, Annette 58 3b2b 595.00 595.00 Allen, Anthony 59 2b1b 450.00 495.00 Ford, Deat 60 2b2b 495.00 545.00 Harvey, Stephanie 61 3b2b 495.00 545.00 Total Income 28,960.00 31,685.00 Storage building 4 units at 35 140.00 160.00 18 units at 55 990.00 1,170.00 Total 30,090.00 33,015.00
Vital Data CAP Rate 11.66% List Price $1,750,000 Effective Gross Income $343,026 Net Operating Income $204,133 Gross Income After $396,180 Increase NOI After Increase $239,233 CAP Rate After Increase 13.67%