Mobile Home Park Details

Cap Rate: 9.0%
Listing ID: 1494674
Posted On: Aug 10, 2021
Updated On: Feb 4, 2022

Description

Beck Partners is pleased to present for sale, Oak Grove Mobile Home Park in Pensacola Florida. This 60 site park is located close to Downtown Pensacola within walking distance of several employers and national retailers including Lowes, Home Depot, and Walmart among others. This park features a combination of mobile home lots as well as long term RV lots with tenants that are on annual leases. The electric is billed directly to the mobile home tenants and billed back to the RV tenants through a RUBs program. The property features a park office that has an income producing laundromat operated by a 3rd party vendor. The current ownership has invested a significant amount of capital into cleaning up and improving the park over the last two years. The park is serviced by city water that is master-metered and septic tanks. There are five homes that are on rent to own contracts (RTO). All but one contract will mature by March 2022, so no value was assigned to that income. There is upside opportunity in continuing to increase the current rents to market and adding submeters to bill back the water expense.

Also available as a portfolio with two other parks in the market:
https://www.mobilehomeparkstore.com/mobile-home-parks/1494668-patriots-1-mobile-home-park-for-sale-in-pensacola-fl
https://www.mobilehomeparkstore.com/mobile-home-parks/1494666-creighton-mobile-home-park-100-tenant-owned-homes-for-sale-in-pensacola-fl

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).

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