Contact Information

Mobile Home Park Details

  • Price: $4,250,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.2%
  • Property ID: 1136274
  • Posted On: Sep 20, 2019
  • Updated On: Sep 20, 2019

Property Description

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PROPERTY HIGHLIGHTS
• All Ages Community
• Stabilized Community with 94% Lot Renters
• 2 park owned homes in need of rehab which will increase cash-flow
• Utilities passed through to Residents - the final pass through occurred in September of 2019
• Excellent Location with Frontage on US 27 and approximately a 1 hr drive to Tampa and Orlando
• Well laid out community with nice size lots
• Clean park with good curb appeal

College Park Mobile Home Park is an all-ages community with a total of 101 sites. As of September 2019, the community has 94 Lot Renters with the lot renters with an average rent of $389, 6 Park Owned Homes ( 3 Rentals, 1 Office, and 2 Vacant Homes), and 1 Vacant Lot. The amenities include a shuffleboard court (needs rehab) and a clubhouse/office. The water and sewer are provided by a private utility company that services other homes outside of the community as well.

As of September 2019, the majority of the water and sewer expense has been passed onto the residents and will stabilize over the next few months. The difference in the lot rent amounts was a strategy by the current owner to get rid of the rentals in the community. The current owner preferred to have lot renters over rentals units and sold these units at a discount but increased the lot rental amount to market on these units. This strategy decreased the need for staff as well as repairs and maintenance along with giving these residents the pride of homeownership and has worked very well for the operations.

Location

College Park Mobile Home Park is located in Central Florida / Polk County and has frontage on Highway 27 which is a major artery that runs through Polk County. In addition, it's approximately 5 miles south of State Road 60 in Lake Wales, which is home to Bok Tower and Botanical Gardens and Warner University which is a private Christian College.

The community is in Lakeland MSA with close proximity to Interstate 4 (I-4) and approximately halfway between Tampa and Orlando which is about a 45-minute drive. Since 2012, the Lakeland MSA has exceeded the national average of employment growth and continues to grow at a rapid pace. The trade employment sector alone has experienced annual job growth rates in the 5% range and this has been due to large retail giants targeting the area due to its convenient location and proximity to Interstate 4. Publix is headquartered out of Lakeland and supplies jobs to over 8,000 workers and continues to grow and expand. In addition, Walmart recently opened a two-million SF distribution center with the ability to expand along with IKEA planning a distribution center. Healthcare also has a large impact on employment in the area as Lakeland Regional Health employs over 4,500 people and continues to grow with an expansion currently underway in the 100 million dollar range.

Amenities

  • Club House
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Park Information

Community Type: All Age
Number of MH Lots: 101
Total Occupancy: 97.0 %
Average MH Lot Rent: $390
Size: 14.4 acre(s)

Financial Information (Actual)

Gross Income $566,498
Operating Expense $305,114
Net Operating Income $261,384
Expense Ratio 53.9 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $130

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