1518 Farley Ave Spartanburg, SC 29301
- Mobile home & RV parks
- 4.75 lot acres
Current Use by Public Records
- Mobile home & RV parks
Property Details for 1518 Farley Ave
- Year built
- 2024
- Lot size
- 4.75 lot acres
- Property type
- Mobile home & RV parks
- Property subtype
- Land
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Spartanburg
- County
- Spartanburg
- State
- South Carolina
- Longitude
- -81.9603
- Latitude
- 34.9557
