10001 Garners Fry Rd Eastover, SC 29044-9773

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.