Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.5%
- Listing ID: 1625678
- Posted On: Mar 17, 2022
- Updated On: May 10, 2022
Description
Portfolio consists of three (3) locations:
7406 Penny Road, Panama City, FL 32404
-Developed in 2021
-4 Brand new unoccupied homes with covered porches and metal skirting.
-Separate electric meters
-Brand new well and septic
-Opportunity to make property 55+ community
1329 Transmitter Road, Panama City, FL 32401
-9 lots, 2 vacant lots (market lot rent=$450/month)
-7 like new park owned mobile homes
-Municipal water & sewer with separate meters paid by tenants
-Separate electric meters
1628 Buchanan Street, Southport, FL 32409
-10 lots, 2 vacant lots (market rent= $450/month)
-8 fully occupied park owned homes (average rent= $1,000/month)
-Separate electric meters
-Well & septic
Location
Bay County, FL is experiencing exponential growth in population, jobs and rent demand.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 23 |
| Total Occupancy: | 74.0 % |
| Year Built: | 2021 |
| Average MH Lot Rent: | $450 |
| Size: | 7 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $279,000 |
| Operating Expense: | $88,600 |
| Net Operating Income: | $190,400 |
| Expense Ratio: | 31.8 % |
Lot Information
| Singlewide Lots: | 23 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
