Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.7% (Actual)
- Listing ID: 1167805
- Posted On: Dec 17, 2019
- Updated On: Mar 16, 2020
Description
Marcus & Millichap is proud to present the opportunity to acquire Isle of View, a 100 space manufactured housing community in Panama City, FL. The property is centrally located between Tallahassee and Pensacola and is one of the most popular beach cities in the Florida Panhandle. It is comprised of four parcels totaling 13 acres, with three of the parcels designated for developing additional lots. Vacancy is currently less than 10%, making this a rare opportunity to acquire a filled mobile home park with new models that will appeal to any savvy investor. Additionally, the property is 2 miles from a Walmart Supercenter, and across the street from an elementary, middle, and high school.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 100 |
| Total Occupancy: | 95.0 % |
| Size: | 13 acre(s) |
Financial Information (Actual)
| Gross Income: | $683,532 |
| Operating Expense: | $222,200 |
| Net Operating Income: | $461,332 |
| Expense Ratio: | 32.5 % |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |