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Jordan Strader

Mr Financial Real Estate

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Forest Oak Estates

Manufactured Home Community for Sale in Lakeland, Florida

3804 M Florida Ave
Lakeland, FL 33805

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Mobile Home Park for Sale

Number of MH Lots: 15
Size: 1.8 acre(s)
Cap Rate: 15.0%
Purchase Method: Cash, Assumable Loan
Status: Active
Property ID: 717063
Posted on: Oct 28, 2016
Updated on: Jan 25, 2017

Property Description

(See attached for rent roll/expenses) Great performing park with 15 lots, 14 current units, 13 which are rented w/2 that needs to be remodeled (currently gutted and painted outside). There is one empty lot you can bring on another trailer and by doing this and remodeling the empty one (approx $20k) you can increase your monthly cash flow by over $12-1400 a month. All current trailers, cottages and home have been pressure washed and repainted in and out, all trees thoroughly trimmed and all bad landscaping removed. 2 units and house have new central ac systems and several units have all new window units. All maintenance has been brought up, so there are currently no known problems to attend to. All septics were pumped and serviced and 3 new drain fields put in, along with all new lift stations. Several units were remodeled inside and all tenants but 1 from last year when park was taken over were kicked out, raised rents and got all new tenants. This park is producing almost $7100 in gross rents and has potential to go over $9000 with just a little more investment. This is the lowest priced, highest producing park on the market right now, so come take a look and see if you can make it work for your growing portfolio. Seller is willing to take partial payment in trade of other properties, vacation home, vehicles, motorcycles guns or whatever other valuable consideration you want to get creative with and there is a $170k loan that is assumable. (No seller financing offered, only barter/trade) Current note is just shy of $160k and is at 9.85% on a 5 year renewable term at $1500 per month. All units are park owned and the house out front with garage is on a separate parcel, so could be sold off without any additional work.

Park Information

Number of MH Lots:15
Total Occupancy:100.0%
Year Built:0
Average MH Lot Rent: $550
Size:1.8 acre(s)

Financial Information

Gross Income$93
Operating Expense$23
Net Operating Income$70
Expense Ratio 24.7%
Debt Info

Lot Information

Singlewide Lots:12
Doublewide Lots:2
Park Model Lots:1

RV Information

Number of RV Lots:0
Average RV Lot Rent: $0

Utility Information

Water:City
Water Paid By: Park
Sewer:Septic

Park-Owned Homes

Number of Park-owned Homes:14
Average Rent for Park-owned Homes: $550

Amenities and Other

Storage: Yes