Hidden Oaks & Southern Pines MHP - Lexington, SC

Highlights:

• https://www.crexi.com/properties/1575879/south-carolina-mhc-portfolio---lexington-sc
• Estimated NOI: $285,312+ annually, and generates over $23,776 per monthly. Cap Rate 7.00%+/-
• Recent Rent Increase: Leases are now set at $1,000 per month per unit, potentially boosting gross income to over $35,000 per month (has achieved August 2024).

Description:

Marketing Description
Property Overview
LAST SIX MONTHS RENT ROLLS ATTACHED

Video Tour https://drive.google.com/drive/u/4/folders/158Tjux5g5s6sIrzzl3-UIf4W2wYJ6x_W
With an estimated NOI of $285,312+, this property has generated over $23,776 monthly after a rent push. A rent increase to $1,000 per month per unit has recently begun with new leases, boosting gross income to over $35,000 monthly. This increase and some CapEx before new tenants move in positions the property for higher returns.

***Owner may consider owner financing w/ at least $2M down & Highest and Best Terms 1) with proof of funds to do the complete deal 2) Half-Down and Personal Guarantee on the balance 3) Acceleration if default no foreclosure 4) 20-year amortization with a three-year balloon at a to-be-determined interest rate 5) Owner is in his upper 70’s and wants to 1031 out sooner rather than later.

Key Details:

NOI: Previously reached $27,000 per month. Current estimates are conservative due to rental turnover, upfits, and phased-in rent increases.

Cap Rate: 7.00%+/-

Rental Comps: Supported by CoStar Analytics, indicating potential for higher rents.

Stabilization: Achieved in June 2023 with most CapEx completed, leading to a higher NOI.

The Current June 2024 Rent Roll is available in the Due Diligence Locker sign the CA.

List of Mobile Home Units w/ Type, etc., in the Due Diligence Locker just sign the CA.

Location Highlights:

Columbia, SC MSA / Lexington County

Units: 38 mobile home units in a two-park adjacent portfolio

Proximity: Less than 2 miles from a Walmart Super Center and Lowe's Home Improvement Center. Nearby amenities include Walgreens, Dollar General, Starbucks, Publix, Food Lion, high school, and middle school.

Market Insights: Lexington is a rapidly expanding area within the Columbia MSA, experiencing growth in residential, commercial, and industrial sectors. This property is well-positioned to maintain high occupancy and vibrancy based on historical performance and future projections. According to the U.S. Census Bureau, the Columbia, SC, Metropolitan Statistical Area has a population of 837,092, making it the second largest in South Carolina. Lexington is now considered the fastest-growing area in the Columbia MSA and serves as a suburb of the state capital, Columbia. Two significant population draws to Columbia include the University of South Carolina, which has a student population of 34,000, and Fort Jackson military base, home to 3,500 active-duty soldiers and their 12,000 family members.

Correspondingly, this combination of assets will maintain occupancy and vibrancy long-term based on pattern analysis of past performance and future projections. Full implementation of rental increases with CapEx completed will yield higher NOI. This property represents a valuable investment opportunity with significant growth potential.

***Owner may consider owner financing 1) with proof of funds to do the complete deal 2) Half-Down and Personal Guarantee on the balance 3) Acceleration if default no foreclosure 4) 20-year amortization with a three-year balloon at a to-be-determined interest rate 5) Owner is in his upper 70’s and wants to 1031 out sooner rather than later.

WE WILL PRESENT ANY AND ALL OFFERS.

Contact us to discuss his Texas Oil Country MHP as well, bundled or separately.

**DO NOT DISTURB TENANTS OR MANAGEMENT**

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