Mobile Home Park Details
- Listing ID: 1591776
- Posted On: Jan 26, 2022
- Updated On: Mar 8, 2023
Description
https://estersonmhcteam.com/property/shady-creek-mhp
Shady Creek MHP is a stabilized investment opportunity with upside. The park is well located in Starke, FL which is part of the Gainesville FL MSA (+6.2% growth since 2020). This park owned home community consists of 56 mobile home lots, 56 park owned homes (POH), 56 tenants, public utilities, and brand-new paved roads (Jan. 2022).
Current occupancy is 100%. This suggests that the overall market can potentially support higher lot & POH rents based on limited affordable housing supply and growing demand in this market.
The park has an on-site maintenance manager. Collections are strong. Utilities are all direct billed. Tenants are directly billed from the municipality for public water, sewer, and electric utility systems. All systems are in good working order. The privately maintained roads are freshly paved and in excellent condition. Taking all this in consideration, this investment is ideal for an absentee or long-distance owner.
A small portion of the property is located in a flood zone. The park is NOT located in an opportunity zone. Achievable upside with possible POH to TOH conversion, expense reduction and revenue growth potential.
Park Information
Community Type: | All Age |
Number of MH Lots: | 56 |
Total Occupancy: | 100.0 % |
Size: | 7 acre(s) |
Financial Information (Actual)
Gross Income: | $394,006 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |