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Address is Lake Reedy Blvd. Frostproof, FL 33843

Greg Karlson

Advantage Realty

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Lakefront Mobile Home & RV Park 9.6%CapRate

Multi Family Housing for Sale in Frostproof, Florida

Lake Reedy Blvd.
Frostproof, FL 33843

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Sale Price: $769,900

Contact Information

Greg Karlson
Advantage Realty
www.advantagehighlands.com

Mobile Home Park for Sale

Number of MH Lots: 15
Size: 8 acre(s)
Cap Rate: 9.6%
Purchase Method: Cash, Assumable Loan
Status: Active
Property ID: 512517
Posted on: Mar 09, 2015
Updated on: Oct 18, 2018
Price: $769,900

Property Description

Sale is for 2 parks owned by same seller. MH park is on north side of Lake Reedy and RV park on south side of Lk Reedy.Price Reduced from $900k to $769K for Fast Sale/Wants close 30days(9.6%CapRate! Clean/Little to No Deferred Maintenance Adult Parks!(2 Properties)36 total spaces/unit Lakefront MH/RV/Lk Hm Park:15 MH spaces lot rents 270/m & 1 CBS Home rents for $650/m,19 RV spaces at $190/m, Doublewide Park Owned trailer rents for $600/m. Upside: Rents are still low even after small increase, lot maintenance/mowing can be passed through /giving upside potential. Development Potential of platting/zoning into individual lake lots for even more value!

Park Information

Number of MH Lots:15
Total Occupancy:100.0%
Average MH Lot Rent: $270
Size:8.0 acre(s)

Financial Information (Actual)

Gross Income$107,621
Operating Expense$33,403
Net Operating Income$74,115
Expense Ratio 31.0%
Debt Info

Lot Information

Singlewide Lots:15
Doublewide Lots:1

RV Information

Number of RV Lots:19
Average RV Lot Rent: $190

Utility Information

Water:Well
Water Paid By: Park
Sewer:Septic

Park-Owned Homes

Number of Park-owned Homes:1
Average Rent for Park-owned Homes: $600

Amenities and Other

Club House: Yes