White Oaks Mobile Home Park

07-29-2022
08-07-2022

4 Olive Shell Ct, Hilton Head Island, SC 29926

5.16 Acre Mobile Home Park 
15 Individually Metered Lots and 14 Newer Homes
Prime Hilton Head Island Location
Very Well Maintained Park
Below Market Rents
Property Could be Reworked to Increase Density and Income

Property Description

Very unique opportunity to acquire a 5.16 acre parcel with 15 existing individually metered lots (water/sewer/electric), 14 homes, and one land lease, with upside potential on Hilton Head Island.  There are currently six double wide mobile homes and eight single wide homes.  All of the structures were purchased new between 2016 and 2017 with the exception of one mobile home that was remodeled in 2016.  Structures range from 949 square feet to 1,998 square feet.  The rents are below market which provides upside potential.   Additionally, zoning allows for eight units per acre so the property could be reworked to create more density and income.  By simply combining the lots you can increase density and income immediately.  If desired, you could completely redevelop and/or go vertical for considerably more density and income.  Please contact listing agent for details.

Situated immediately off Spanish Wells Road, less than a mile south of Highway 278 and adjacent to the Cross Island Parkway on the north end of Hilton Head Island.  The property is surrounded by commercial and residential developments and provides easy access throughout the island and beyond.  With approximately 43,301 people within a five-mile radius, with average household incomes of $131,110, there are extremely limited affordable housing options, creating a constant demand for these units.  

Key Property Information

Listing Status
Available
Multifamily type
Mobile Home/ RV Community
Price
$ 4,329,000
No. of Units
15
Cap Rate
6%
Average Occupancy
100%
Year Built
2016
Lot Size
5.16 sq ft
No. of Stories
1
APN
various
Zoning Code
RM8
Opportunity Zone
No
Buy Side Fee
2.5%
Price per unit
$ 288,600
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32.20526, -80.748052