Mobile Home Park Details

  • Price:
  • Purchase Method: Cash
  • Cap Rate: 11.0%
  • Property ID: 1003258
  • Posted on Oct 30, 2018

Property Description

36 RENTAL UNITS: Lake Parker Court offers an investor an excellent opportunity to take advantage of the robust rental market found for those looking for affordable housing. Located near the downtown area, the park offers its residents an easy drive to most shopping, medical facilities and the Lakeland CBD. The community maintains an occupancy rate common with most rental communities and provides the high returns these investments are known for. Much of the utilities are paid by residents. The park consists of 23 MH lots, 9 apartments, 4 cottages and a two story office/manager's home.

Location

36 RENTAL UNITS: Located in Polk County along Interstate 4 (I-4), Lakeland is home to just over 100,000 residents. It is strategically situated between Tampa and Orlando allowing it to easily service two of Florida's largest cities. Because of this and its closeness to US 27, distribution centers have quick access to major highways for north/south and east/west travel.

Employment opportunities abound with many corporate offices, healthcare facilities, warehouse and distribution centers large and small. Lakeland's major employers include Amazon, GEICO, GC Services, Lockheed Martin, JBT FoodTech, Carpenter Company, Marriott Vacation Club International, Saddle Creek Corporation, Summit Consulting, Flowers Foods, Pepperidge Farm, Tampa Maid Foods, Advance Discount Auto Parts, Watson Clinic, Key Safety Systems, The Ledger, Sykes, Rooms To Go, City of Lakeland, Lakeland Regional Health and Polk County Public Schools. Lakeland is headquarters to Publix Grocers which is one of the largest U.S. regional grocery chains. Today, the state of Florida still has nearly 800 Publix Stores, about two-thirds of the outlets. As of August 2018, Publix employs about 193,000 people at its 1,231 retail locations and distribution centers. Additionally, the Amazon distribution center employs over 800 workers.

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Park Information

Community Type: All Age
Number of MH Lots: 23
Total Occupancy: 85.0 %
Year Built: 1958
Average MH Lot Rent: $511
Size: 1.6 acre(s)

Financial Information (Pro Forma)

Gross Income $211,116
Operating Expense $139,830
Expense Ratio 66.2 %
Debt Info

Lot Information

Singlewide Lots: 23

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 37
Average Rent for Park-owned Homes: $475

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