Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 5.5%
- Listing ID: 1671727
- Posted On: May 17, 2022
- Updated On: Jul 9, 2022
Description
Looking for an excellent investment? Look no further. This is a 25 unit mobile home park that stays at 100% occupancy. Zero park owned homes. Zero headaches. Located in a large growing metro of 500k people. Median home price is 228k and quickly rising. Park is on City water and septic. I have owned the property for 6 years and have never had a single issue with the septic. I maintain (pump out) the tanks regularly (about every year or year and a half) and have all documentation. Tenants pay for water, sewer (costs to maintain system), and trash. Utilities are all billed to the tenants directly from a third party. This is an excellent cash flowing park priced reasonably. The price is firm. Serious inquiries only. Agents are welcome to bring buyers and can be paid by their buyer. Financial information provided is actual from 2021. Cap rate is estimated at current lot rent for 2022.
Per JLT Market Data: “In the Escambia County, Florida area, the average adjusted monthly homesite rent in the "All Ages" communities is $407, an increase of $28 (7.4%) from the previous published report. The average adjusted monthly homesite rent in the "55+" communities is $560, an increase of $103 (22.5%) from the previous published report.”
Therefore if you were to raise this parks lot rent of $300.00 to $407.00, the market average, you would have a double digit cash on cash return.
Tired of allowing your money to waste away with inflation? Put it to work!
Park Information
Community Type: | All Age |
Number of MH Lots: | 25 |
Total Occupancy: | 100.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $300 |
Size: | 4 acre(s) |
Financial Information (Actual)
Gross Income: | $88,990 |
Operating Expense: | $31,094 |
Net Operating Income: | $57,895 |
Expense Ratio: | 34.9 % |
Lot Information
Singlewide Lots: | 23 |
Doublewide Lots: | 2 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | Septic |