Contact Information

Mobile Home Park Details

  • Price: $1,500,000
  • Purchase Method: Cash
  • Cap Rate: 7.8%
  • Property ID: 1232408
  • Posted On: Mar 20, 2020
  • Updated On: Mar 20, 2020

Property Description

Sunrise Mobile Home Park is a 19-unit multi-residential mobile home community which is in Plant City. This property is positioned where the ability to increase rents to current market levels will result in an increase to the cap rate by new ownership within the first year. In addition to increasing rents, an investor can opt to implement utility costs recapture fees in addition to existing fee policies per leases. Plant City’s location is enjoying a boom of progress due to its proximity to Interstate-4 which has resulted in above average population growth and strong rental housing demand.

Location

Located on the corner of Mud Lake Road and Charlie Griffin in Plant City, Sunrise Mobile Home park sits in an area surrounded by residential developments with median home prices above $300,000. In addition to Plant City’s strong agricultural base, the area is also attracting diversification of its economy from companies seeking expansion in cities with a business-oriented focus. One example of this is The Home Depot’s recent announcement of an 800,000 square foot distribution center representing almost $65 Million of capital investment and up to 345 new jobs. Sunrise MHP is also 1.2 miles West of James Redman Parkway Rd. which is one of the main North & South roadways allowing easy access to US-92 and Interstate-4.

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Park Information

Community Type: All Age
Number of MH Lots: 19
Total Occupancy: 100.0 %
Year Built: 1984
Average MH Lot Rent: $763
Size: 3 acre(s)

Financial Information (Actual)

Gross Income $159,057
Operating Expense $41,440
Net Operating Income $117,617
Expense Ratio 26.1 %
Debt Info Free and Clear

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $763

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