Magnolia Estates MHP
Mobile Home Park for Sale in Spring Hill, Florida
Union Capital Group LLC
Mobile Home Park for Sale
|Number of MH Lots:||13|
|Purchase Method:||Cash, New Loan|
|Posted on:||Dec 06, 2016|
|Updated on:||Dec 24, 2016|
14 acres of land! Located in Central Florida only 1 hour from famous Clearwater beaches/Bush Gardens and 1,5 hours from Orlando and Disney World. The park is priced at the price of raw land; owner is motivated to sell and will accept the best offer in the next 30 days. Excellent investor opportunity for the cash flow investor.
The park holds 13 park owned mobile homes; 6 are presently rented at $450/month with strong rental history, all tenants have lived in the park for 5-10 years. The homes are older (1970th); 7 vacant mobiles are in bad condition and need to be extensively repaired or replaced. The park has been owned by 1 owner for 40 years, never been on the market, rents have not been raised for 20 years and are way below market standard. Average rents in the area are $600-650 per month. Due to the size of the land, most tenants enjoy almost 1 acre of yard with lots of playing room for kids and pets, so raising rents to $650/month would not be a problem. After the mobiles are remodeled and rents are raised to normal area standards, this could generate over $100,000 gross annual income.
The park is serviced by 2 water wells; all 13 homes have individual septic tanks and electric poles. Each mobile is separately metered for electric and paid for by the tenant. The current on-site manager and maintenance man have been living in the park for 7 years. There is also a masonry building on the property which is not included in the permit. It needs to be repaired and permitted or can be used as a storage shed.
Property can be divided into several parcels and sold separately. The park was built prior to 1975 and is grandfathered in, land is zoned AR - Agricultural-Residential Destrict (1 home per acre). Recent Survey and Phase 1 Environmental Report. No owner financing available.
* OWNER WOULD LIKE TO KEEP SALE CONFIDENTIAL. THERE IS NO SIGN IN FRONT OF PROPERTY. PLEASE BE DISCREET.
AttachmentsFLYER - Magnolia Estates MHP.pdf
|Number of MH Lots:||13|
|Average MH Lot Rent:||$450|
Financial Information (Actual)
|Net Operating Income||$20|
|Water Paid By:||Park|
|Number of Park-owned Homes:||13|
|Average Rent for Park-owned Homes:||$450|
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