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Dmitry Samsonenko

Union Capital Group LLC

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Magnolia Estates MHP

Manufactured Home Community for Sale in Spring Hill, Florida

16334 Platinum Dr
Spring Hill, FL 34610

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Sale Price: $195,000

Contact Information

Dmitry Samsonenko
Union Capital Group LLC

Mobile Home Park for Sale

Number of MH Lots: 13
Size: 14 acre(s)
Cap Rate: 10.0%
Purchase Method: Cash, New Loan
Status: Active
Property ID: 727209
Posted on: Dec 06, 2016
Updated on: Feb 22, 2017
Price: $195,000

Property Description

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. Excellent investor opportunity for the cash flow investor.

The park holds 13 park owned mobile homes. All homes are in bad condition and need to be replaced. 6 are presently rented at $450/month with strong rental history, all tenants have lived in the park for 5-10 years. 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.

The park is serviced by 2 water wells which have been repaired to code; all 13 homes have individual septic tanks and electric poles (2 new ones). 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.

Park Information

Number of MH Lots:13
Total Occupancy:46.0%
Year Built:1972
Average MH Lot Rent: $450
Size:14.0 acre(s)

Financial Information (Actual)

Gross Income$32
Operating Expense$12
Net Operating Income$20
Expense Ratio 37.5%
Debt Info

Lot Information

Singlewide Lots:11
Doublewide Lots:2

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:13
Average Rent for Park-owned Homes: $450