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.