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Address is 16334 Platinum Dr Spring Hill, FL 34610

Dmitry Samsonenko

Union Capital Group LLC

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Magnolia Estates MHP

Manufactured Home Community for Sale in Spring Hill, Florida - Price Reduced!

16334 Platinum Dr
Spring Hill, FL 34610

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Sale Price: $165,000

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: Mar 06, 2017
Price: $165,000

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. Great development project 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. Average rents in the area are $650 per month. Due to the size of the land, tenants enjoy almost 1 acre of yard with lots of playing room for kids and pets.

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/maintenance man have been living in the park for 7 years and want to stay on with the new owner and help with development.

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 are in place.

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