Contact Information

Mobile Home Park Details

  • Price: $1,450,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.0%
  • Property ID: 1232401
  • Posted On: Mar 20, 2020
  • Updated On: Jun 2, 2020

Property Description

Woodland Oaks mobile home park is a multi-residential mobile home community in the city of Lakeland. This community consists of 23 park owned mobile home rentals, a free-standing duplex and a free-standing house. Robust demand for affordable housing in the immediate area has resulted in consistently high occupancy rates. Additionally, the existing below market rental rates presents an opportunity for new ownership to capitalize on rent growth thus increasing potential gross income. Woodland Oaks also presents an opportunity for entry level investors into this Manufactured Home Community asset class.

Location

Woodland Oaks I & II MHP is well-positioned rental community in the city of Lakeland within a short distance to several employment cores throughout the city. Situated on Woodland Avenue just a block from E. Memorial Boulevard which is one of Lakeland’s main East/West corridors, the property is just minutes from retail amenities, restaurants, medical centers and Interstate-4. Woodland Oaks residents have several employment opportunities within eleven miles or less, including Publix manufacturing plants and Amazon fulfillment center. Lakeland is also in the midst of economic growth such as the recent announcement of an Amazon air hub deal with Lakeland Linder International Airport which is estimated worth $100 million and between 800 to 1,000 jobs.

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Park Information

Community Type: All Age
Number of MH Lots: 26
Total Occupancy: 100.0 %
Year Built: 1961
Average MH Lot Rent: $686
Size: 3 acre(s)

Financial Information (Actual)

Gross Income $195,064
Operating Expense $64,145
Net Operating Income $130,919
Expense Ratio 32.9 %
Debt Info Free and Clear

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 26
Average Rent for Park-owned Homes: $686

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