Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Magnolia Homes Mobile Home Park located at 109 E. 8th N. St. in Summerville, S.C. The 21-unit manufactured home community sold for $1.73 million, according to Benjamin Yelm, regional manager of the firm’s offices in the Carolinas.
Ryan Lipomi, Nate McDaniel and William D Graves Jr., investment specialists in Marcus & Millichap’s Charleston and Charlotte Uptown offices, had the exclusive listing to market the property on behalf of the seller, a private investor. Lipomi listed and secured the buyer, Town Development, LLC. “Pricing and demand for manufactured home parks in the Charleston/Summerville market is at an all-time high right now,” noted Lipomi.
Situated on approximately 1.76 acres, the fully occupied Magnolia Homes Mobile Home Park consists of 20 park-owned manufactured homes and one single-family rental home. The property boasts paved off-street parking, central HVAC and laundry systems in each unit. Tenants are responsible for electricity, while ownership pays for water.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
