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Mobile Home Park Details

  • Price: $1,400,000
  • Cap Rate: 7.2%
  • Property ID: 1292924
  • Posted On: Jul 22, 2020
  • Updated On: Mar 31, 2021

Property Description

The community has 38 mobile home lots, 13 are on a rent to own contract (RTO) with a $350 lot rent and an average $191 RTO payment. All RTO’s mature by April 2021. There are 6 rented park owned homes (POH) with an average rent of $120 above the lot rent. Current occupancy is 100%.
Oak Harbor uses public water and is on a 1:1 septic system. Water, sewer and trash are included in the rent, while the tenant’s electric is billed directly.
The park is priced at $1,400,000. The pricing represents a cap rate of 7.19% using lot rent income excluding home rent income) on normalized actuals representing a 41.9% expense ratio. We are asking that investors submit offers at or above $1,400,000. This community should qualify for conventional recourse bank financing from a local bank using about a 70% LTV, 5% interest and a 25 year amortization providing investors with a 9.63% cash on cash return and a 14.4% total return in the first year of ownership.


Located in Milton, FL, Oak Harbor MHC
consists of 38 mobile home lots. Milton, FL is part of the Pensacola metropolitan area.

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Park Information

Number of MH Lots: 38
Total Occupancy: 100.0 %
Size: 6 acre(s)

Financial Information (Actual)

Net Operating Income $97,760
Debt Info

Utility Information

Water: City
Sewer: Septic

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