Contact Information

Mobile Home Park Details

  • Price: $1,300,000
  • Cap Rate: 7.3%
  • Property ID: 1292924
  • Posted On: Jul 22, 2020
  • Updated On: Jul 22, 2020

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 $1,300,000. The pricing represents a cap rate of 7.27% 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 $1,300,000. 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.

Location

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 $91,029
Debt Info

Utility Information

Water: City
Sewer: Septic

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