Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Listing ID: 1310969
- Posted On: Mar 22, 2021
- Updated On: May 24, 2021
Description
Financial Overview:
Purchase Price: $1,800,000
NOI: $172,440
CAP Rate: 9.6%
Investment Highlights:
• Multi-unit, waterfront residential RV and mobile home park
• 2.7 acres
• 34 total rent-able units (26 total lots, 5 cabin units, 3 SFH)
• 9 rent-able boat slips
• Value add potential through CapEx, rent raises, and additional rental income
Recommended Business Plan:
• Bring park to 100% occupancy
• Repair and update existing boat slips and dock to generate additional rental revenue
• Update structural components of SFR, cost estimate $30k
• Establish bait and tackle shop to increase overall park revenue
• $630,937 value add potential ($60,570 NOI increase at 9.6% CAP rate)
*not including boat slip or bait shop income
Location
Cross Creek Village MH/RV/Tiny House Park is located directly on Haynes Creek in Lake County FL, right at the center of one of the most desirable freshwater fishing and boating destinations in the Southeast, the Harris Chain of Lakes. The four primary lakes: Lake Griffin, Lake Eustis, Lake Harris and Lake Dora are well known for bass and crappie fishing, water sports, lakeside eateries, seaplane ports and access to historic shopping and dining areas.
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 5 |
| Total Occupancy: | 70.0 % |
| Year Built: | 1955 |
| Size: | 3 acre(s) |
Lot Information
| Singlewide Lots: | 5 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 26 |
| Average RV Lot Rent: | $667 |
Utility Information
| Water: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 0 |
| Average Rent for Park-owned Homes: | $0 |
