Mobile Home Park For Sale In Florida

This 4 unit mobile home park is centrally located on a 1/3 acre lot in beautiful Fort Walton Beach, Florida. The area it is located in is approximately ¼ mile away from a quiet back bayou off of Choctawhatchee Bay. This means the surrounding real estate is waterfront property and the area is very nice. It is not in a “shaky†or “seedy†area of town.

The park has four units with 2 of the 4 units being mid-seventies models, one being a mid-eighties model, and one a 69 model. Each of the units is metered separately for all utilities meaning the owner of the park has no financial obligation in these areas. The park is “grandfathered†in as a trailer park which means anyone looking to eventually upgrade the units will be able to do so without adhering to current local zoning regulations which now call for one unit per ¼ acre. The park does not have room for another unit.

All four units have been completely renovated with new sub-flooring, flooring, and HVAC (all central) units which mean the new owner will not have any of these expenses (which are major ones in the mobile home business). I have owned the park for more than 15 years and my father owned it before me. This is not a flip. Two of the four units have long term rental tenants in them and are HUD subsidized. I have just finished work on the other two units and they are now in the process of being rented.

As far as expenses, the total property tax for the park is $1006 per year and the total insurance for the park and four units is $700 per year. There are no other yearly expenses. Maintenance is minimal and averages less than $100 per month.

The total rent averages approximately $2,300 per month on all four units. The park has a great occupancy rate and the only thing keeping it down is my management of the park. I travel quite a bit with my business and I do most if not all of the work on the park myself.

I would consider a modest 2nd of no more than $49,000 with a 20 yr amortization, but there would be a balloon at the end of five years with the balance due. Interest rate would be at 5%The price of the park is $199K. A full cash offer would yield a further discount on the price.