JUST LISTED: Mobile Home Park
For Sale
Wellford, SC
Great Park in
Greenville
Spartanburg
Corridor
$1,550,000
HERE
104 Site MHP
On 22+ Acres
36 Park Owned
Homes
Quiet and Shaded
Park
Convenient Location
Near BMW Plant,
Michelin Tire, GSP &
Inland Port
Multiple
Opportunities for
Adding Value
For Information:
April Breton 864.354.4693
abreton@compass4realestate.com
Dan Kiely 561.779.0175
dkiely@scifunds.com
WhiteStag Real Estate, Inc. Information contained in this document has been obtained from sources believed reliable. While WhiteStag
Real Estate, Inc., assumes its accuracy, it has not verified it and makes no guarantee, warranty or representation regarding it. It is the
potential buyers responsibility to independently confirm the accuracy and completeness of property information. Any projections, opinions,
assumptions or estimates used are for example only and do not represent the current or future performance of the property. The
information contained herein should be independently determined or confirmed and evaluated by your tax, financial and legal advisors.
You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability
of the property for your needs.
The Glen At Wellford
Mobile Home Park
Wellford, SC
Non-Disclosure/Confidentiality Agreement
This summary has been provided by WhiteStag Real Estate, Inc. and is for your limited use in determining
whether you wish to explore the acquisition of the Property herein.
This summary contains only selected information and does not purport to be a comprehensive
representation of the Property particulars. It does not contain all of the information which prospective
investors require to evaluate a purchase of the property. Financial projections are provided for general
reference purposes only and are based on assumptions relating to the general economy, market
conditions, competition and other factors beyond the control of WhiteStag Real Estate, Inc., and are
subject o material variation. All references to acreages, square footages, and other measurements are
approximations. Additional information and an opportunity to inspect the Property will be made available
to interested and qualified prospective purchasers. These summaries do not purport to be complete nor
necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to
review all such summaries and other documents of whatever nature independently and not rely on the
contents of this Memorandum in any manner.
Neither the Owner or WhiteStag Real Estate, Inc., nor any of their respective directors, officers, Affiliates
or representatives make any representation or warranty, expressed or implied, as to the accuracy or
completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall
arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on
your investigations and inspections of the property in evaluating a possible purchase of the real property.
The owner expressly reserves the right at its sole discretion, to reject any or all expressions of interest or
offers to purchase the Property, and/or to terminate discussions with any entity at any time with or
without notice which arise as a result of review of the Memorandum. The Seller shall have no legal
commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the
Property unless and until written agreement(s) for the purchase of the Property have been fully executed,
delivered and approved by the Seller and any conditions to the Sellers obligations therein have been
satisfied or waived.
By receipt of this Summary, you agree that its contents are of a confidential nature, that you will hold and
treat it in the strictest confidence and that you will not disclose any of its contents to any other entity
without the prior written authorization of the Seller or WhiteStag Real Estate, Inc. You also agree that you
will not use this Memorandum or any of its contents in any manner detrimental to the interest of the
Seller or WhiteStag Real Estate, Inc.
Any property visit must be approved by WhiteStag Real Estate, Inc.
There will be absolutely no contact with tenants, management, ownership
or governmental agencies without approval from WhiteStag Real Estate, Inc.
Information contained herein has been obtained from sources we deem reliable.
We have no reason to doubt its accuracy , but we do not guarantee it.
The Glen At Wellford
Mobile Home Park, Wellford, SC
Greenville/Spartanburg Corridor
Executive Summary
Street Address
2081 Fort Prince Boulevard
City/State/Zip
Wellford, South Carolina 29385
County
Spartanburg
Offering Price
$1,550,000
Gross Income
$252,000
Expenses
$100,800 Expense Ratio 40% (pro forma)
NOI (Net Income)
$151,200 Income Ratio 60% (pro forma)
Total Sites (Units)
104 Sites (All MH)
Price Per Site
$14,900 (including 34 MHs at “0”)
Site Rent
$220 current – $240 proposed
Park Owned
34 Park Owned Homes
Occupancy
Park is 63% Occupied (39 Fill Sites)
Type/Age/Quality
80’s-90’s
Acres: Approximately 22
Electric
Metered
Paid By: Tenant
Cap Rate
9.5% +/-
Water
Metered
Sewer
Owner Plant Paid By: Landlord
Trash
Billed
Rent Control
None
Paid By: Landlord
Paid By: Landlord
The Glen At Wellford
Mobile Home Park, Wellford, SC
Greenville/Spartanburg Corridor
PHOTOS
The Glen At Wellford
Mobile Home Park, Wellford, SC
Greenville/Spartanburg Corridor
PRO FORMA INCOME & EXPENSE PROJECTIONS
Price
$1,550,000.00
Down Payment
$1,550,000.00
Mortgage
Cost to Renovate/Fees
Total Invested
$1,550,000.00
ITEM
Effective Gross Income
AS IS
$
$25 Rent Increase
252,000
$
Full at $250/Mo.
271,500
On-Site Management
$
9,500
$
9,560
Insurance
$
11,905
$
11,905
Business License
$
305
$
305
Property Taxes
$
20,457
$
20,457
Landscaping
$
3,435
$
3,500
R&M at $500 per park owned home
$
28,000
$
1,800
Sewage Certification (now per Q)
$
23,250
$
23,250
Utilities Sewer System Misc.
$
2,000
$
2,000
Trash
$
7,200
$
7,200
Water
$
15,168
$
15,168
Electric
$
2,904
$
2,904
$
312,000
TOTAL OPERATING EXPENSES
$
104,184
$
104,184
$
104,184
Net Operating Income
$
147,816
$
167,251
$
207,751
Debt Service
$
-
$
-
Cash on Cash Return
$
147,816
$
167,251
$
207,751
Cash on Cash Return
9.54%
10.79%
The Glen At Wellford
Mobile Home Park, Wellford, SC
Greenville/Spartanburg Corridor
RENT ROLL
Unit
Rent
Unit Rent
Unit
Rent
Unit
Rent
1
220
20
400
40
220
59
425
2
425
21
220
41
220
60
425
3
425
22
220
42
220
61
425
4
450
23
220
43
280
62
425
5
220
24
220
44
220
63
425
6
220
25
425
45
220
65
220
9
220
27
220
46
220
66
450
10
425
28
220
47
220
67
480
11
425
29
450
48
220
68
220
12
450
30
425
49
475
70
400
13
220
31
220
51
500
71
220
14
220
32
450
52
220
74
220
15
220
35
220
53
220
76
425
16
220
36
400
54
525
77
220
17
425
37
480
55
400
18
220
38
220
56
220
19
475
39
220
57
450
The Glen At Wellford
Mobile Home Park, Wellford, SC
Greenville/Spartanburg Corridor
Greenville/Spartanburg Corridor Market Overview
Greenville/Spartanburg Corridor: Greenville is the largest
city in the Greenville-Spartanburg-Anderson Combined
Statistical Area (CSA). Spartanburg is the second-largest city
in the area. The CSA is located approximately halfway
between Atlanta, Georgia and Charlotte, North Carolina
along interstate 85.
Greenville is the seat of Greenville County in upstate, South
Carolina with a metropolitan population of 850,965 as of
2013 and a combined statistical area population of
1,438,550 as of 2013, according to GSA Business Market
Facts. It is the fastest growing urban area in the state and
the largest SMSA in South Carolina.
CNN Money listed Greenville as one of the "Top 10 Fastest Growing Cities in the U.S." Bloomberg named Greenville the 3rd
Strongest Job Market, 2010; and Forbes named Greenville the 13th Best City for Young Professionals. Additionally, the state of
South Carolina has been ranked within the top 10 fastest growing states and economies by the U.S. Commerce Department.
In the 1980s, Greenville turned to laying the foundation for their downtown vision and providing an example of business
potential to encourage business relocation to downtown. The City is now known nationally for its charming and dynamic
downtown. The National Trust for Historic Preservation National Trust awarded Greenville with the Great American Main Street
Award in 2003 and 2009. Since then it has been featured in numerous publications, including Southern Living Magazine and the
U.S. Airways Magazine (March 2010).
Greenville's economy was formerly based largely on textile manufacturing, and the city was long known as "The Textile Capital of
the World." In the last few decades, favorable wages and tax benefits have lured foreign companies to invest heavily in the area.
The city is the North American headquarters for Hubbell Lighting, PerceptIS, and Michelin, and has offices for BMW. In 2003, the
International Center for Automotive Research was created, establishing CUICAR as the new model for automotive research. The
Center for Emerging Technologies in mobility and energy was opened in 2011, hosting a number of companies in leading edge
R&D and the headquarters for Sage Automotive.
The former Donaldson Air Force Base land has become the South Carolina Technology and Aviation Center, a Lockheed Martin
aircraft and logistics center, as well as facilities operated by 3M and Honeywell. Caterpillar Inc. has a diesel engine manufacturing
plant and engineering operations located in Greenville. General Electric has a gas turbine and wind energy manufacturing
operation located in Greenville. O'Neal, Inc. a project planning, design, and construction firm has its headquarters in Greenville.
Spartanburg is the seat of Spartanburg County and the sixth largest city by population in the state with a municipal population of
37,013 and an urban population of 180,786 at the 2010 census. The Spartanburg Metropolitan Statistical Area had a population
of 316,997 as of the 2012 census estimate and Revised Delineations of Metropolitan Statistical Areas.
The economy of Spartanburg benefits from the BMW manufacturing facility located in the western end of Spartanburg County.
Spartanburg is also home to the world headquarters of Denny’s located in downtown Spartanburg and research facility for
Milliken & Company. Milliken is one of the largest privately held textile and chemical manufacturers in the world. Most recently,
the world’s largest manufacturer of fiber optic cable announced the largest initial investment in South Carolina history ($1bb). In
the past decade, developers and community leaders have spearheaded an effort to revitalize Spartanburg's downtown
commercial district. This has resulted in a remodeling of Morgan Square, the restoration of a number of historic structures and
the relocation of several businesses and company headquarters to the downtown vicinity. Some of these new developments
include a nine-floor, 240-room Marriott Convention Center, the headquarters of Advance America and the headquarters of QS/1
Data Systems Numerous other smaller businesses such as RJ Rockers Brewing Company have also moved downtown as a result
of this community-wide effort.
The Greenville/Spartanburg Corridor is also host to a significant number of colleges and universities including: Clemson
University, Furman University, University of South Carolina Upstate, Bob Jones University, South Carolina State University,
Anderson University, Wofford College, Lander University, Medical University of South Carolina, Greenville Technical College,
Limestone College, North Greenville University, Southern Wesleyan University-Greenville Campus, Sherman College of
Chiropractic (South Carolina’s only chiropractic college), Virginia College, Spartanburg Community College, Spartanburg
Methodist College, Edward Via College of Osteopathic medicine (VCOM-Carolinas Campus), University of South Carolina Upstate.
In addition, a number of National Institutions have Greenville locations, including: Brown Mackie College, ECPI University, EmbryRiddle Aeronautical University, ITT Technical Institute, Strayer University, University of Phoenix, Virginia College, Webster
University, and Converse College.
The Glen At Wellford
Mobile Home Park, Wellford, SC
Greenville/Spartanburg Corridor
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The WhiteStag Team: The Glen at Wellford is a great cash flow park with numerous
opportunities for Added values located in the dynamic, growing, and economically sound
Greenville/Spartanburg Corridor. All this makes this 104 site park a great investment
opportunity in one of the nation’s stand out markets.
The park is stable and cash flows well at the existing 65% occupancy level. Any new
owner has the base from which to create additional cash flow and value. The park is
experiencing unmet demand and is ready for nearly any business plan to be
implemented: the pad rent model, the traditional home sale model, or the park owned
home rental model. Please contact us for additional information.