10001 Garners Fry Rd Eastover, SC 29044-9773

Property Details for 10001 Garners Fry Rd

Year built

1986

Construction

WOOD

Lot size

24.19 lot acres

Property size

1,500 SF

Zone code

RU

Property type

Commercial real estate

APN

R27800-03-01

APU

R278000301

Description

This exceptional 14.19-acre mobile home and RV park, located at 10001 Garners Ferry Rd, Eastover, SC 29044, presents a compelling value-add investment opportunity. Currently boasting 58 units and 76 total pads with 84% occupancy (as of January 26, 2024), this Class B property offers significant upside potential. The property features 34 newer (2021 model or newer) park-owned homes, an on-site office, and road frontage on Garners Ferry Road. The community benefits from a strong location, just 15 miles from the heart of Columbia, SC, a market experiencing robust economic growth and increasing demand for affordable housing. Significant improvements were made in 2022. The property includes a lagoon sewer system and is in the process of transitioning to city water. The current Net Operating Income (NOI) is $258,045, with a pro-forma NOI of $485,242, yielding a current cap rate of 6.62% and a pro-forma cap rate of 12.44%. The asking price is $3,900,000, or $51,315.79 per pad. The property is zoned RU. A portion of the parcel is located in zone AE, but this does not affect existing development. Seller financing is available with a $2,000,000 down payment, a 5-year term, and a 7% interest-only rate. This property offers a unique chance to increase cash flow immediately through rent increases and infill of vacant pads.

Location Insight

City

Eastover

County

Richland

State

South Carolina

Longitude

-80.8261

Latitude

33.9506

CBSA code

17900

CBSA name

COLUMBIA, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments