https://estersonmhcteam.com/property/space-coast-mhc-cocoa-fl

The Esterson MHC Team is pleased to present Space Coast MHC, a stabilized investment opportunity consisting of 92 rentable units with significant upside in a rapidly growing location.

The community consists of 75 tenant owned homes (TOH), 11 rented RV lots, 4 apartment units, 1 single family home and 1 warehouse unit. The average lot rental rate is $475, which is significantly below market.

Space Coast MHC is a year-round, all-ages community that is serviced by public water and sewer, that are billed back to all tenants. Trash is included in rents. Tenants are responsible for maintaining their own lawns. The roads are paved. The park is not in a flood zone or opportunity zone.

The current market rent is estimated at $600-$650 based on rent comparable surveys and current JLT reports. Recent new rents at nearby parks are achieving $695-$795 a month. Current occupancy is 100%. This suggests that the overall market can potentially support higher lot rents based on limited affordable housing supply and growing demand in this market.

Brevard County’s population is 608k and growing at a rate of 5.1% with a median home price of $277K. The local market has a substantial need for affordable local housing and is currently underserved.

As part of the Palm Bay-Melbourne-Titusville, FL MSA, Cocoa is in a highly desirable and growing area known as The Space Coast. Employers in the area include NASA, Space X, and Blue Origin. In addition, Amazon is building a 200,000 square foot fulfillment center just minutes away from the subject property. Other notable establishments near the property include the Kennedy Space Center Visitor Complex, Merritt Island, Cape Canaveral Air Force Station, and Port Canaveral.

We are asking investors to submit offers at or above $10,000,000. This community is only available to qualified buyers using the owners financing terms: 50% LTV, 5-year term with a 3% interest rate with interest only payments.