Contact Information
Benny Spensieri
CRES Corp International, LLC
Mobile Home Park Details
- Price: $1,700,000
- Purchase Method: Cash, Seller Financing
- Listing ID: 3842255
- Posted On: Oct 16, 2023
- Updated On: Feb 26, 2024
Description
This is a 24-Sp MHP, comprised of three parcels, located just minutes from Downtown St Augustine. The owner is located out of the Country and can no longer run this park effectively, although he has done a great job during his years ownership.
Note: Seller has only four lots left to lease. He is working on getting these leased before the park closes with the new buyer.
This park includes:
• 7.14-acres
• 24-Spaces (10 Park Owned MH’s – 9 units are Tenant Owned)
• Well & Septic
Note: There are no separate water meters, which is another potential revenue source for the new owner who may want to install meters. Currently the utility bill to the owner is over $10,000/an.
Current average rent per space is $685 and average rent per unit is $1136.
Current Financials:
• 85% Occupancy
• $196,620 Gross Revenue
• $143,425 NOI
2024 Financial Projections (based on the remaining four lots rented at $750 each)
• 100% Occupancy
• 232,620 Gross Revenue
• $177,829
Asking Price: $1.7M OBO
Seller Financing: Offered to qualified purchaser. Rate and Terms are TBD but may include:
• 40%-50% Down Payment
• 7%-8% Interest Only
• 10-Year Balloon
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 24 |
| Total Occupancy: | 83.0 % |
| Average MH Lot Rent: | $683 |
| Size: | 7 acre(s) |
Financial Information (Actual)
| Gross Income: | $196,620 |
| Operating Expense: | $53,195 |
| Net Operating Income: | $143,425 |
| Expense Ratio: | 27.1 % |
Lot Information
| Singlewide Lots: | 24 |
| Park Model Lots: | 7 |
RV Information
| Average RV Lot Rent: | $683 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 7 |
| Average Rent for Park-owned Homes: | $1,252 |
