Mobile Home Park Details

• Cap Rate: 7.8%
• Listing ID: 1494666
• Posted On: Aug 10, 2021
• Updated On: Dec 29, 2021

Location

Pensacola is the westernmost city in the Florida Panhandle, and the county seat of Escambia County, Florida. It is the principle city of the Pensacola Metropolitan Area which has an estimated population of 519,080. Pensacola is the perfect combination of a relaxed beach town and bustling metropolitan center. The temperate climate and a friendly community that is driven toward success presents an unparalleled quality of life. The economy is driven by the military, defense industry, tourism and health care. Pensacola also features a full-service deep-water port as well as six Universities and Colleges.

Pensacola has the youngest labor force in the state of Florida and the economy has rapidly grown over the past five years due to a population growth rate well above the national average. Much of the population growth rates owes to domestic in-migration flows with new residents attracted by the region's strong job growth rates and a low cost of living.

The tight market conditions in both multifamily and single-family housing have led to unprecedented rent growth for Pensacola in 2021. Asking rents increased by 8% in the first half of 2021 and in the third quarter, annual rent growth rates established a new record-high (costar.com).