Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 10.0%
  • Property ID: 1080686
  • Posted On: May 12, 2019
  • Updated On: Jul 18, 2019

Property Description

Located near Lake Weir the park just south of Belleview and north of The Villages. Sterlingwood is an all age predominantly rental home community providing an affordable housing option to many who to take advantage of the employment opportunities offered by The Villages. The park boasts a quiet neighborhood location and a low turnover ratio. The park's utilities include city water and septic tanks. Current occupancy (5-2019) is 96%.

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Park Information

Community Type: All Age
Number of MH Lots: 45
Total Occupancy: 96.0 %
Year Built: 1948
Average MH Lot Rent: $604
Size: 8.9 acre(s)

Financial Information (Pro Forma)

Gross Income $313,680
Operating Expense $100,583
Net Operating Income $213,097
Expense Ratio 32.1 %
Debt Info 70% LTV, 6.25%, 20 yr amort, 5 yr call

Lot Information

Singlewide Lots: 45

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 40
Average Rent for Park-owned Homes: $647

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