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Mobile Home Park Details

  • Price: $38,800,000
  • Cap Rate: 4.3%
  • Property ID: 1388027
  • Posted On: Feb 2, 2021
  • Updated On: Feb 8, 2021

Property Description

https://estersonmhcteam.​com/property/palm-bay-fl-msa-5-park-portfolio

Well located, 470 active MH lots, five park manufactured home community portfolio with upside in occupancy, lot rent and 55 lot expansion area.​

The portfolio is a stabilized with upside opportunity with 5 mostly land-lease communities in strong market.​ The portfolio has 470 active MH lots with 361 lot rent only tenants each paying an average lot rental rate of $475 per month.​ There are 15 park owned home tenants and 12 vacant park owned homes that can be brought online.​ 59 tenants are on a rent to own type contract which mostly expires in 2021 & 2022.​There are 21 active vacant lots.​ 63 MH lots are used for long-term RV tenants.​ These lots would support a modest single wide home.​ Additionally, there is a rented Single Family Home at Intercoastal MHC and a rented 3 bedroom apartment in Cypress MHC.​ Current occupancy is roughly 93% on active lots.​ There and additional 55 undeveloped lots.​.​

All parks are year-round, all-ages communities and has city water at 3 parks that is billed back to the tenant.​ 2 Parks use a well and city water is available at one of them.​ 4 communities use public sewer and 1 park utilizes a waste water treatment plant that has a renewed 5 year permit and has no known deferred maintenance.​

The tenant owned units are an older vintage but in above average condition.​ Roads are paved and in mostly average condition as our offering price suggests.​ 4 parks are partially in flood-zones.​ All parks are located in excellent locations near all amenities.​

This portfolio is being offered as a value-add investment with a 4.25% CAP on current lot rent only using a 38.4% expense ratio on sellers adjusted actuals.​ The cash-on-cash starts at 7% and goes to 12% after expansion.​

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Park Information

Number of MH Lots: 472
Total Occupancy: 93.0 %

Financial Information (Actual)

Net Operating Income $1,628,815
Debt Info

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