HIDDEN OAKS & SOUTHERN PINES MHC LEXINGTON, SC
120 Sandy Springs Ln, Lexington, SC 29073
Investment Highlights
Investment Opportunity: 38 mobile home units in a two-park adjacent portfolio
Exploding Growth Area: Lexington is now considered an exploding area in the Columbia MSA, serving as an extension of the SC State Capital, Columbia
Prime Location: Within a two-mile radius of Walmart Super Center and Lowe's Home Improvement Center. Nearby amenities include Walgreens, Dollar General, Starbucks, Publix, Food Lion, a high school, and a middle school
Strong NOI: Estimated Net Operating Income (NOI) of $276,000 annually, equating to over $21,000 per month after a rent increase. The NOI has previously reached as high as $27,000 per month, but we are estimating conservatively to account for some capital expenditures (CapEx)
Attractive Cap Rate: 6.57% Cap Rate, providing a solid return on investment.
Rent Growth Potential: Rent comparisons in the area suggest there is potential to push rents higher. Full implementation of rental increases, coupled with completed CapEx, is expected to yield an even higher NOI.
Owner may consider owner financing 1) with proof of funds to do the complete deal 2) Half-Down and Personal Guarantee on the balance 3) Acceleration if default no foreclosure 4) 20 year amortization with three year balloon at a to be determined interest rate 5) Owner is in his upper 70’s and wants to 1031 out sooner rather than later.
