Mobile Home Park Details

  • Listing ID: 2877640
  • Posted On: May 9, 2023
  • Updated On: Aug 15, 2023


Listing Broker: Paul Schaaf
Contact Paul Schaaf: +1-678-932-0200

ESCAMBIA COUNTY, FL - The MHP Broker is pleased to present two parks for purchase in Pensacola, FL. Green Acres and Sierra Drive are located about 6 miles apart, alongside Gulf Beach Highway and FL-727. This two-park portfolio features 18 total spaces on public water (direct bill), septic, individual electric meters (direct bill), private trash and dirt roads. The acreage is approximately 2.67 total, and both parks are zoned for High Density Mixed-Use.
The current owner manages the portfolio remotely, and keeps transparent books that prove accurate income and expenses. The park requires easy operations and reliable tenants are in-place that deliver timely collections and minimal maintenance costs. The owner also put almost $100k towards capital expenditures for home renovations, infrastructure, and cleaning up the park. Existing leases are annual or month-to-month and all deposits kept on file.

There are currently 13 park-owned homes (POH), 2 tenant-owned homes (TOH), 2 single-family homes (SFH), and 1 vacant Lot (septic permit approved) total. Most units are older (60’s-80’s) but have been refurbished significantly. Current occupancy is at 94% and there is serious demand for the vacant lot. The monthly gross revenue is $11k with expenses of $1,900, and average home rents are $913 in Green Acres and $643 in Sierra Drive --market studies show home rents above $1,000, allowing room to increase rents. Furthermore, a few leases will increase by $25-$50/month starting in June, offering immediate upside for new ownership.

We are offering this community at a 9% CAP on lot rent. The Year 2 pro forma, with minimal rental increase and filling vacant lot is $1,100,000. In addition, there is immediate upside with a rental increase already scheduled for June 1st, that increases effective gross revenue by $6,960. We are asking investors to submit offers at $975,000 for the properties, POH inventory, and SFHs.

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Park Information

Number of MH Lots: 18
Total Occupancy: 94.0 %
Size: 3 acre(s)

Utility Information

Water: City
Sewer: Septic

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