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Address is 5435 Lewellyn Road Lakeland, FL 33810

Dan Mulkey

Real Estate Broker

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Country Villa MHP

Mobile Home Park for Sale in Lakeland, Florida

5435 Lewellyn Road
Lakeland, FL 33810

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Sale Price: $1,475,000

Contact Information

Dan Mulkey
Real Estate Broker

Mobile Home Park for Sale

Number of MH Lots: 44
Size: 4.1 acre(s)
Cap Rate: 8.6%
Purchase Method: New Loan
Status: Active
Property ID: 837795
Posted on: Jul 27, 2017
Updated on: Aug 22, 2018
Price: $1,475,000

Property Description

This well cared for 44 space park has mostly "rent-to-own" (rent credit program) homes. The park has reasonable site rents. With proposed financing the asset should produce 12% cash flows. The park consists of 6 resident owned homes, 26 rental homes, 6 homes for sale and 6 vacant sites. Additionally, there are 2 lots used as retention, 1 for shuffleboard and 1 retail building leased to a church.

Location Description

Close to Interstate 4 and shopping Centrally located mid-point between Tampa & Orlando Country Villa is situated in a neighborhood location. It is near I4 and shopping. Lakeland is about mid-point between Tampa and Orlando.

Park Information

Number of MH Lots:44
Total Occupancy:73.0%
Year Built:1970
Average MH Lot Rent: $336
Size:4.1 acre(s)

Financial Information (Pro Forma)

Gross Income$214,792
Operating Expense$88,615
Net Operating Income$126,177
Expense Ratio 41.3%
Debt Info75% LTV, 5.5%, 25 yr amort, 5 yr call

Lot Information

Singlewide Lots:44

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes:6
Average Rent for Park-owned Homes: $584