Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 8.6%
  • Property ID: 1031985
  • Posted On: Feb 11, 2019
  • Updated On: Aug 16, 2019

Property Description

The Seller is offering a 2-property portfolio consisting of a 9-lot mobile home park in Plant City (Sunset Oaks) and a 20-lot mobile home and RV Park in Lakeland (Happy Hollow) for a total of 29-spaces between the two parks.
Sunset Oaks is a 9-space, all-age, lot rent only mobile home park in Plant City, FL. Over the past 2-years, significant capital has been invested into the park to clean the grounds, add new fencing, new landscaping, rebuilt well, new park signage, resurface the roads, add a new outdoor amenity area and fill the one vacant lot with a 1998 double-wide which has been rehabbed and sold bringing occupancy back to 100%. Rents have also increased 28.5% to $3,100/mo today. The park is on well/septic systems which are serviced monthly, residents own their homes so there are minimal expenses other than for monthly landscape maintenance and trash pickup. Rents come in like clockwork between the 1st and 5th of every month. Gross income for 2019 will be $42,935 less $14,460 in expenses leaving $28,475 as the in-place NOI. Happy Hollow is a 20-space park with 8 mobile homes and 12 RV's. There are 10 park-owned homes. This park was also extensively rehabbed with new roads, fencing, landscaping, rebuilt septic, new electrical in many of the RV lots and is on City water and septic sewer. There is one mobile home that is vacant and awaiting rehab and one RV which we are marketing for sale at $1,000/down and $550/mo rent for a 60 month rent to own program. Rents between the two parks will be $11,600 +/- per month at takeover and an annual NOI of $92,670 +/- making it a 9.75% cap rate on the $950,000 ask price.


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Park Information

Community Type: All Age
Number of MH Lots: 29
Total Occupancy: 93.0 %
Year Built: 1978
Average MH Lot Rent: $425
Size: 3.7 acre(s)

Financial Information (Actual)

Gross Income $139,200
Operating Expense $57,700
Net Operating Income $81,500
Expense Ratio 41.5 %
Debt Info

Lot Information

Singlewide Lots: 15
Doublewide Lots: 2

RV Information

Number of RV Lots: 12
Average RV Lot Rent: $403

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $583

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