CLOVER VALLEY MOBILE HOME PARK Investment Highlights: 61 space, all-age manufactured housing community 59 park-owned homes On-site office & maintenance staff On-site fenced-in workshop & storage building City water & sewer 22 storage unit facility on site 16+ acres Vacant land on premise for additional units Close Proximity to Carolina Hospital, Walmart, & Lowes within 4 miles of property Front Office 22-unit storage building Vacant land for additional units
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CLOVER VALLEY MOBILE HOME PARK · Florence, South Carolina is located at the intersection of Interstate 95 and Interstate 20, and only 70 miles from Myrtle Beach, Florence is the
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CLOVER VALLEY MOBILE HOME PARK
Investment Highlights:
61 space, all-age manufactured housing community
59 park-owned homes
On-site office & maintenance staff
On-site fenced-in workshop & storage building
City water & sewer
22 storage unit facility on site
16+ acres
Vacant land on premise for additional units
Close Proximity to Carolina Hospital, Walmart, & Lowes within 4 miles of property
Front Office
22-unit
storage
building
Vacant land for
additional units
Property Summary:
Property Name Clover Valley Mobile Home Park
Property Address 1421 Gilbert Dr, Florence, SC 29506 Type of Park All Age Rental Agreement One Year Number of Spaces 61 Vacant Spaces 2 Number of Park Owned Homes 59 Land Size 16+ Acres List Price $1,750,000 Parking Ample
Storage
units &
workshop
Utilities Paid By Company
Water Landlord City of Florence
Electric Tenant Duke Energy
Sewer Landlord City of Florence
Trash Landlord Waste Management
Clover Valley Mobile Home Park is a 61 space, all-age community located in Florence, SC. It is
located on 16+ acres & being offered on the basis of its current income. The average 3-bedroom
apartment rents in Florence for $839. Unemployment rate is 5.25%, lower than the U.S.
unemployment rate of 6.3%. Median home price in Florence is $119,100. The park currently has
on-site maintenance staff.
Florence, South Carolina is located at the intersection of Interstate 95 and Interstate 20, and only
70 miles from Myrtle Beach, Florence is the prime location for many business. It is currently a
major hub for manufacturing and commerce with nine foreign affiliated companies and 14
Fortune 500 companies calling Florence home. AT&T and Duke Energy also have headquarters
here.
Florence has a thriving economy as a transportation and distribution center with manufacturing
and agriculture added to the mix. The main transportation routes from the north and east split at
this point, continuing inland to Atlanta and down the coast to Savannah and into Florida.
Manufacturers include Honda, GE, Maytag, DuPont, and Southeastern Steel.
The McLeod Regional Medical Center adds a significant health care presence. Darlington
Raceway 5 miles north is an active NASCAR track, and a series of state parks offer some
recreation in the piney hills to the northwest. The area is strong financially with an attractive.
Cost of living Index and healthy recent job growth.
Florence has blossomed into a strong center for medical care, with three major medical providers
McLeod Regional Medical Center, Carolinas Hospital System, and HealthSouth. The growth of
these providers has led to the transformation of the Florence skyline over the last 10 years. This
growth has led to the demand and development of multi-story, high-rises, as well as community
relation projects. Development in recent years has brought the headquarters of pharmaceutical
and insurance companies such as, General Electric Medical Systems Manufacturing, to the area.
With all the economic growth and close proximity to tourist attractions like Myrtle Beach,
Florence is an excellent city to invest.
Carolina Hospital only 1.3 miles (3min drive) from the MHP
MHP
Hospital Walmart
Lowes
Downtown
EXPENSES
Comments: The Repairs/Maintenance and the Maintenance Staff Salaries are higher than normal due to
completing the rehab for the remaining five units.
Current
Real Estate Taxes $13330
Insurance Liability $2220
Insurance Building $6492
Management $24200
Utilities
Water & Sewer $39600
Electric $1980
Trash $3900
Total Utilities $45480
Repairs & Maintenance $24000
General & Administrative $2045
Telephone/Internet 780
Maintenance Staff Salaries $38400
Total Expenses $156947
% of EGI 43.3%
Income Current
GROSS POTENTIAL INCOME $361,080 Vacancy/Collection Allowance (% of GPI) 5% / $18,054 EFFECTIVE GROSS INCOME $343,026 Total Expenses $156,947 NET OPERATING INCOME $204,133