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Address is 110 Bartow Road Lakeland, FL 33801

Aswin Suri

Aswin Suri Real State

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3 Mobile Home Parks

Mobile Home Park for Sale in Lakeland, Florida

110 Bartow Road
Lakeland, FL 33801

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Sale Price: $400,000
 

Contact Information

Aswin Suri
Aswin Suri Real State

Mobile Home Park for Sale

Number of MH Lots: 8
Cap Rate: 9.5%
Purchase Method: Cash, Seller Financing
Status: Active
Property ID: 784162
Posted on: Feb 09, 2017
Updated on: Feb 10, 2017
Price: $400,000

Property Description

PLEASE NOTE THAT THIS IS FOR 3 MOBILE HOME PARKS WHICH ARE OWNED BY 3 DIFFERENT PEOPLE LOCATED IN 3 DIFFERENT AREAS OF FLORIDA.

Park-1.......... Lakeland, FL Mobile Home Park $400,000
8 Spaces
Lake front mobile home park
Property Sub-type Mobile Home/RV Community
No. Spaces: 8 Property Use Type Investment
Price/Space $50,000 Cap Rate 14%
Property Type Multifamily Lot Size 1.28 AC

Description
Lakefront Polk County, FL Mobile Home Park - Includes Trailers!!

RENTAL INCOME:
8 Spaces
Trailer 1 $575
Trailer 2 $525
Trailer 3 $500
Trailer 4 $375
Trailer 5 $525
Trailer 6 $400 (discounted for the on-site manager)

EXPENSES:
Septic pumping annually $175
Garbage $160
Insurance $3,000
Taxes $3,500
Water $200
Property taxes $3,500
Total Gross Expenses = $10,820 yr
Total Net Income = $37,780

Sales Price $400,000; CAP = 9.5%. With minimal investment of $20,000; add onsite laundry and 2 more trailers since there is water, sewer, etc for the above changes
Gross can be $64,800 with net as $53,980.00 & CAP = 14%

Terms: 200k down and seller will carry note of $200,000 at 5% interest only for 5 years @ $833.00 per month

Total Cash flow = $53,980 (net ) - $10,000 (loan) = $43,980/yr or $3,665.00 per month after all expenses including debt

Park-2..........Putnam County, FL Mobile Home Park $449,900
Rental income:
14 trailers $300.00/mo = $4200.00
Room for 1 more trailer
Electric $55
Garbage $84
Insurance $50
Taxes $60
Water $100
Total expenses = $349.00/mo
Gross $50,400/yr
Exp $4,188/yr
NET $46,212
CAP 10%

Park-3..........Palatka, FL Mobile Home Park $199,900 (Divorce Sale - subject to judges approval)
Rental income:
5 trailers $570.00/mo = $2,850.00
Septic pumping annually $400
Electric $0
Garbage $0
Insurance $0
Taxes $4,0000
Water $0
Total expenses = $4,000.00/mo
Gross $34,200/yr
Exp $4,400/yr
NET $29,800
CAP 15%

Park Information

Number of MH Lots:8
Total Occupancy:75.0%
Year Built:1
Average MH Lot Rent: $500

Financial Information (Actual)

Gross Income$48,600
Operating Expense$10
Net Operating Income$37
Expense Ratio 0.0%
Debt Info

Lot Information

Singlewide Lots:8
Doublewide Lots:0
Triplewide Lots:0

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:6
Average Rent for Park-owned Homes: $500