Mobile Home Park Details

  • Price:
  • Purchase Method: Cash
  • Cap Rate: 15.0%
  • Property ID: 517206
  • Posted on Apr 15, 2015

Property Description

15% CAP RATE! 55 LOTS / 50 PARK OWNED HOMES. PRICE JUST REDUCED. CASH OFFERS ONLY! Ideally located in Ocala, FL only 45 minutes from Orlando and its attractions. The surrounding farms are famous for their thoroughbred horses. The city of Ocala is conveniently located just off I- 75 in the heart of Northern Florida and a short drive from the University of Florida in Gainesville and the Jacksonville / St.Augustine beaches. Ocala is also known for nearby Silver Springs, which is the site of one of the largest artesian springs in the world. Silver Springs also offers a nature theme park, which is one of the earliest tourist attractions in Florida.

Sunny Oaks Mobile Home Park is sitting on 7.72 acres of beautiful oak forest. This is a “turnkey” park that has received over $250,000 in capital improvements over the last year and is in very good condition. The mobile park holds 50 park owned mobile homes.

Rents are presently below market standard at $450 per month. Average rents in the area are between $550-600 per month. Rents could be raised as leases expire to bring an exceptional return on investment. There are 5 lots that are presently vacant, if mobiles are placed on the empty lots and rents are raised to normal area standards, this could generate over $90,000 more income per year.

There are four storage buildings and a nicely updated office/laundry with new equipment and security cameras. The park is serviced by well water and an on-site sewage treatment plant. The sewage treatment plant has been extensively upgraded in 2014 and has more than enough capacity for the current operation and future growth. Each mobile is separately metered for electric and paid for by the tenant.

Whether you are a seasoned investor or a first time mobile home park buyer, this park is easy to manage with minimal improvements needed, and minimal operating costs. The current on-site management have been working at the park for years and have the operations running smoothly.

Amenities

  • Laundromat
  • Storage
  • Handicap Accessible
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Park Information

Community Type: All Age
Number of MH Lots: 55
Total Occupancy: 95.0 %
Average MH Lot Rent: $450
Size: 7.7 acre(s)

Financial Information (Actual)

Gross Income $275
Operating Expense $72
Net Operating Income $203
Expense Ratio 26.2 %
Debt Info

Lot Information

Singlewide Lots: 47
Doublewide Lots: 3

Utility Information

Water: Well
Water Paid By: Park
Sewer: Treatment Plant

Park-Owned Homes

Number of Park-owned Homes: 50
Average Rent for Park-owned Homes: $450

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