Mobile Home Park Details

Purchase Method: Cash, Seller Financing, New Loan
Listing ID: 1694695
Posted On: Jun 20, 2022
Updated On: Mar 20, 2023

Description

The Park is a Class C community that could be converted to a Class B through a focused repositioning. It is an All-Age community developed in 1960 with 70 total sites consisting of 51 park-owned homes, 19 lot rentals plus 1 commercial building, and 8 unimproved lots with 2 ready to be sold The park is well maintained It is serviced by well water and septic.

The park has a very solid history of high occupancy rates and stabilized income Projected year-end 2022 NOI is at $298 000. An investor with a future vision of value will recognize The Palms MHP value could potentially be in the $5.5 to $6M range which is referenced in the Underwriting.

INVESTMENT HIGHLIGHTS

1. Upside potential with water, sewer, trash, and electricity for the park-owned homes being paid by the park.
2. 8 unimproved lots with 2 ready to be sold
3. Ideally located in the City of Auburndale which is booming with developments including the sports complex improvements at Lake Myrtle, Coca Cola Plant expansion & Lake District residential development
4. Seller Financing to Qualified Buyer

Location

Auburndale is a quaint small town located just east of Lakeland, midway between Orlando & Tampa. This charming neighborhood offers a variety of affordable houses and apartments for rent, all surrounded by lush greenery and tranquil lakes. Auburndale’s small-town ambiance is most apparent in its downtown area, which includes offices, restaurants, shops, and old buildings.

Despite its rural feel, Auburndale is conveniently located near Central Florida’s top attractions including Greater Orlando’s theme parks, Tampa’s vibrant nightlife, and stunning beaches on the Atlantic and Gulf coasts, making it a great place to live! It has direct access to Interstate 4 and US Hwy 92.

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