Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 23.0%
- Listing ID: 18728
- Posted On: Dec 18, 2010
- Updated On: Mar 15, 2011
Description
HUGE CASH FLOW OPPORTUNITY. Don't miss out on this deal. Only $12,411 per space. At 90% occupancy these parks throw off $149K+ per year in gross cash flow. Expenses currently are $45,331 per year. Pro-Forma NOI of $99,629 puts the cap rate at 23.61%. Oak Haven has 25 park owned mobile homes with 26 spaces and Sante Fe has 7 park owned homes with 8 spaces. 32 park owned homes total. This will be a cash cow, but needs good management to maximize your return. Very little work is needed to rent the empty units, just someone who cares.
This deal must be all cash and close quickly. No seller financing is available.
Location
Oak Haven MHP is located at 1630 N. CR 547 Davenport, FL 33837. it is 2.8 acres. Sante Fe MHP is located at 725 Gerber Dairy Rd. Wahneta, FL 33880 it is .7799 Acres.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 34 |
| Total Occupancy: | 40.0 % |
| Average MH Lot Rent: | $0 |
| Size: | 4 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $166,400 |
| Operating Expense: | $45,331 |
| Net Operating Income: | $99,629 |
| Expense Ratio: | 27.2 % |
Lot Information
| Singlewide Lots: | 34 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 32 |
| Average Rent for Park-owned Homes: | $425 |
