Mobile Home Park Details
- Distressed: This property is in default, REO or in foreclosure.
- Purchase Method: Cash, New Loan
- Cap Rate: 10.0%
- Listing ID: 541593
- Posted On: Jun 11, 2015
- Updated On: Oct 7, 2015
Description
Seller must sell this 8 unit trailer park in the heart of Panama City Florida. The park has only 6 units currently. Seller is not maximizing the parks true potential. All the unit owners are friends of the park owner and are charged a low monthly lot rent of $200.00. I informed the seller that a buyer may require a notice to be given to all the unit owners that the lot rent will increase upon the sale of the park. The park has potential of a lot rent of approximately $500.00 per unit per month if the park was revitalized to its maximum potential. The key amenity is location. Walking distance to the mall, short drive to Hospitals, Lowes, Home Depot, Wal-Mart and much more.
Location
Panama City, Florida
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Park Information
Community Type: | All Age |
Number of MH Lots: | 8 |
Total Occupancy: | 75.0 % |
Year Built: | 1984 |
Average MH Lot Rent: | $200 |
Size: | 1 acre(s) |
Financial Information
Gross Income: | $14,400 |
Operating Expense: | $2,200 |
Net Operating Income: | $12,200 |
Expense Ratio: | 15.3 % |
Lot Information
Singlewide Lots: | 0 |
Doublewide Lots: | 8 |
Triplewide Lots: | 0 |
Park Model Lots: | 8 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 1 |
Average Rent for Park-owned Homes: | $0 |