Mobile Home Park Details
- Cap Rate: 10.6%
- Listing ID: 3382896
- Posted On: Jul 17, 2023
- Updated On: Nov 5, 2023
Description
13-unit, all-ages manufactured housing rental community in Largo, FL (Tampa Bay MSA)
Four double-wide, seven single-wide, and two rental “houses”
Favorable unit mix with one three-bedroom, four two-bedroom, seven one-bedroom and one studio
10.57% trailing cap rate, with approximate 18.93% year one cash-on-cash return available
Ability to achieve $194 increase over average in-place rent via renovation and capital improvements
Property connected to municipal services for water and sewer
Approximately $150,000 of recent capital improvements
$71,032 Average household income within 2 miles
Location
Located within Largo’s Clearwater-Largo Road Commercial Redevelopment District
Located 1.6 miles from Morton Plant Hospital, 1.8 miles from Largo Medical Center
10 minutes to Belleair Beach, the Gulf of Mexico and world-renowned Clearwater Beach, named TripAdvisor’s “#1 Beach in the U.S.” in 2018 and 2019
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 11 |
| Total Occupancy: | 92.0 % |
| Year Built: | 1978 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $156,044 |
| Operating Expense: | $63,597 |
| Net Operating Income: | $92,447 |
| Expense Ratio: | 40.8 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
Park-Owned Homes
| Number of Park-owned Homes: | 13 |
| Average Rent for Park-owned Homes: | $990 |
