Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Listing ID: 1706663
  • Posted On: Jul 6, 2022
  • Updated On: Nov 22, 2022

Description

- Stabilized Community
Royal Palm Estates offers investors the opportunity to enter the Cairo market with a stabilized asset. The community benefits from all public utilities with electricity being directly billed to the tenants and water/ sewer being billed back from the park to the tenant. Royal Palm also has a management structure in place with an onsite manager and maintenance person.

- Cap-Ex Campaign
Royal Palm has recently undergone major improvements. Among other things, the seller has removed trees, renovated infrastructure, and brought in new homes. The roads have been repaved and parking pads created.

- Opportunity Zone Location
The community is located inside a qualified opportunity zone, which offers tax incentives to investors with opportunity zone funds.

- Upside in Occupancy & Infill
The upside remaining for this opportunity is in filling vacant park-owned homes, filling & developing some existing vacant lots, and infilling with new homes. There is a housing shortage in Cairo, specifically in the manufactured housing sector.

Location

All Public Utilities, Water/Sewer Billed Back
Asphalt Roads & Drives
Playground Area
14 Vacant Lots for Infill Opportunity
Opportunity Zone Location
Tallahassee, FL MSA Population > 380,000
MSA Positive Population and Job Growth
MSA Median Home Price: $202,000
MSA Median Household Income: $45,377

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Park Information

Community Type: All Age
Number of MH Lots: 103
Total Occupancy: 78.0 %
Year Built: 2021
Average MH Lot Rent: $418
Size: 25 acre(s)

Lot Information

Singlewide Lots: 103

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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