Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Listing ID: 1105258
- Posted On: Jul 11, 2019
- Updated On: Oct 15, 2019
Description
HUGE VALUE ADD POTENTIAL! This property offers amazing upside to future buyers. The property features 32 mobile home lots and 9 permanent structure rental units. Presently 8 of the 32 mobile home lots are occupied with tenant owned homes paying $350/month in lot rent (market lot rent is $450/month). 7 of the 9 permanent structures are occupied as well. The property currently generates $6,000/month in revenue. All mobile home lots and structures and separately metered with city utilities paid for by the tenants. By filling the empty mobile home lots and repairing the 2 remaining structures the next owner has potential to more than double the property's value. Property is managed by a third party professional management company at a 5% of gross revenue expense. This property can be purchased as a package with another nearby park known as "Bob Little Park".
This park was 100% occupied with tenant owned mobile homes prior to Hurricane Michael. Bay County, FL is experiencing a housing shortage with a very high demand for housing due to the Hurricane. The next owner will have no problem with vacancy once filled back up.
Park Information
Community Type: | All Age |
Number of MH Lots: | 32 |
Year Built: | 1998 |
Average MH Lot Rent: | $350 |
Size: | 5 acre(s) |
Lot Information
Singlewide Lots: | 32 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |