Palmetto Mobile Home Park
200 Muldrow St | Bishopville, SC 29010-1755, US
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Palmetto MHP, a 54-site mobile home community located in Bishopville, SC. The park is priced at $19, 444 per site, with $88, 603 NOI, starting at an 8.44% cap rate on drastically low lot rents. The community currently includes 12 lot renters paying an average of $175/m, 12 occupied park-owned homes rented for an average of $650/m, 1 vacant park-owned home needing moderate rehab, 1 occupied single-family residence at $675/m, and 28 vacant lots. This is a rare opportunity to acquire an infill community with direct-billed city utilities, already producing $88, 000+ NOI and positioned for substantial upside. A new investor can step in day 1 with a sizeable lot rent increase, and position themselves with slightly above average returns before working on value add with the vacant lots. The combination of day 1 cash flow, direct billed utilities, and infrastructure to bring in 28 additional homes will allow an investor to be rewarded with double-digit cash-on-cash returns by year 2, with a clear strategy of bringing lot rents closer to the market average and targeting 4 infills per year.
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Bishopville, South Carolina, is a small city located in central South Carolina, within Lee County.It serves as the county seat and is situated near the intersection of U.S. Route 15 and Interstate 20, providing access to nearby cities like Florence and Columbia. With a population of approximately 2, 958 residents, Bishopville offers a quieter pace of life with a strong sense of community. Founded in the early 19th century, Bishopville developed as a center for agriculture, particularly cotton production, which was historically significant to its economy. Over time, the city has diversified, with manufacturing and education sectors contributing to its economic landscape. The median household income in Bishopville is approximately $44, 015, which is significantly below the national average. Housing costs are relatively low, with a median home price of around $130, 954. However, affordability remains an issue due to limited income levels and an aging housing stock. There is a growing need for affordable housing options, such as manufactured homes, to support the community's diverse population. In summary, Bishopville is a small but resilient community offering a blend of rural living and access to regional resources. While it is not a large city, it provides a peaceful lifestyle for its residents and serves as an important hub for the surrounding rural areas.