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    1518 Farley Ave Spartanburg, SC 29301

    For Sale
    $329,000

    High-yield mobile home park investment. 25 pads, shovel-ready.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a 25-pad mobile home park development in downtown Spartanburg, South Carolina. Located on a 4.75-acre lot (APN 7-11-07-014.00), this Class A property boasts 25 permitted pads and is completely shovel-ready, having received county approval for its plans. Construction was completed in 2024. Projected lot rents are $900 per month, leading to a potential stabilized value of $2,275,000 based solely on lot rent income. Further income streams can be generated through participation in mobile home sales. The asking price is $329,000, representing a compelling price per pad of $13,160. The pro-forma NOI is $246,000, resulting in a significant pro-forma cap rate of 74.77%. County code mandates asphalt streets, ensuring a high-quality community. This value-add investment offers substantial returns and significant upside potential. The property is owned by an LLC. This is a rare chance to acquire a high-performing asset in a desirable location. The address is 1518 Farley Ave, Spartanburg, SC 29301.

    Property Features for 1518 Farley Ave

    General Information

    Property type
    Multifamily properties
    Class
    A
    Lot Size
    206,910 SF

    Building Details

    Year Built
    2024
    Units
    25

    HighLights

    • $329,000 asking price for a 25‑unit mobile home park.
    • 74.77% pro‑forma cap rate with a $246,000 pro‑forma NOI.
    • Located in Spartanburg, SC, at 1518 Farley Ave, on a 4.75‑acre lot.
    • 25 pads, built in 2024, $13,160 per pad.
    • County‑approved plans; shovel‑ready development opportunity.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Gym & Fitness Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.960258
    Latitude
    34.955665

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    FAQs

    What type of property is this?
    Multifamily property - High-yield mobile home park investment. 25 pads, shovel-ready.
    Where is this multifamily property located?
    The property is located at 1518 Farley Ave Spartanburg, SC.
    What is the asking price?
    The asking price for this property is $329,000.
    What are key features of this property?
    This property features: $329,000 asking price for a 25-unit mobile home park.; 74.77% pro-forma cap rate with a $246,000 pro-forma NOI.; Located in Spartanburg, SC, at 1518 Farley Ave, on a 4.75-acre lot.
    Request Owner's contact information
    1518 Farley Ave Spartanburg, SC 29301
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    Spartanburg, SC 29301
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1518 Farley Ave Spartanburg, SC 29301
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