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Michael Fry

KW Commercial

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Central Florida Mobile Home Park

Multi Family Housing for Sale in Avon Park, Florida

1002 Locke Street
Avon Park, FL 33825

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Sale Price: $1,795,000
 

Contact Information

Michael Fry
KW Commercial

Mobile Home Park for Sale

Number of MH Lots: 45
Size: 2.2 acre(s)
Cap Rate: 8.0%
Status: Active
Property ID: 686964
Posted on: Jul 13, 2016
Updated on: Dec 16, 2017
Price: $1,795,000

Property Description

Sunny Ridge Mobile Home Park is a 45 unit manufactured home subdivision with 42 permanently installed park-owned homes. 34 of the existing homes have been installed since 2007. Three tenants own their own homes and rent home-sites from the park. The park has outstanding occupancy at 94% with only one present vacancy among the park owned homes.
The Sunny Ridge Mobile Home Park provides an investor with an outstanding opportunity to obtain a well-manicured and maintained tree shaded community with a strong rent roll and minimal vacancy. The recently installed 11 vacant home sites may provide substantial up-side rental income potential to enhance the currently attractive financial results and cap rate.

The park owned models are wood frame units with asphalt shingle roofs, vinyl lap siding and vinyl skirting surrounds. All windows are double hung vinyl/aluminum. Each home has central electric heating and air conditioning. Interior walls and ceilings are drywall. The interior floor plan of the units has one bedroom, a bath, kitchen, and living/dining area. Each of the park units are 12 foot wide and range in length between 32 and 35 feet. The typical unit is about 385 square feet of area with a 70 square foot covered front porch. Each of the homes has individual metering for electricity. The home sites range in width between 20 and 30 feet and are at least 40 feet in depth.

Location Description

The Sunny Ridge Mobile Home Park is located in beautiful Avon Park, Florida, a community of approximately 8,800 residents along US HWY 27 in Highlands County in the central / mid-southern portion of the state. The property consists of two parcels on either side of Locke St, one block east of US HWY 27. The 1.49-acre parcel is located at 1002 Locke Street. The .74 acre parcel is on the south side of Locke Street.

Avon Park is approximately six miles north of the City of Sebring, which is also the county seat. The nearest critical care and trauma hospitals are the Florida Hospital Heartland Medical Center is Sebring, nine miles south. Avon Park has an executive airport two miles west of the property and is home to the South Florida Community College with a full time enrollment of nearly 1,300 students.

U.S. Highway 27 is the main north-south thoroughfare connecting Avon Park with many other Central Florida Cities. Approximately 24 miles to the north, State Road 60 is the main east-west thoroughfare throughout Central Florida and connects the Atlantic Coast at the City of Vero Beach with the City of Tampa, on the west.

Park Information

Number of MH Lots:45
Total Occupancy:94.0%
Average MH Lot Rent: $450
Size:2.2 acre(s)

Financial Information (Pro Forma)

Gross Income$230,793
Operating Expense$83,761
Net Operating Income$147,033
Expense Ratio 36.3%
Debt Info

Lot Information

Singlewide Lots:45
Park Model Lots:42

Utility Information

Water:City
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:42
Average Rent for Park-owned Homes: $450