Contact Information

Mobile Home Park Details

  • Price: $1,475,000
  • Purchase Method: New Loan
  • Cap Rate: 11.4%
  • Property ID: 837795
  • Posted on Jul 27, 2017

Property Description

Country Villa Mobile Home Park is a 44 space mobile home community located in Lakeland, Florida. An additional 4 spaces are used for retail building, shuffleboard court and retention (2). The park is just 4 miles north of Interstate 4 in Polk County, which is centrally positioned only thirty-five minutes between Orlando and Tampa. The community was built on 4.1 acres in 1970. There is mix of single and double wide homes in Country Villa, consisting of 5 resident owned homes, 31 rental hones and 8 vacant lots. The community has several long term residents. Additionally, there is a retail building leased to a local church.Site rentals are currently being charged $336/month and park owned units rent between $500-$900/month. The landlord is responsible for water and sewer. Residents pay for trash and electric. The community uses private well water and has a WWTP (waster water treatment plant). Country Villa provides an excellent cash on cash return. Furthermore, there is a considerable value add aspect to this investment opportunity by both renting vacant homes and bringing rents closer to the market.

Location

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.

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Park Information

Community Type: All Age
Number of MH Lots: 44
Total Occupancy: 81.0 %
Year Built: 1970
Average MH Lot Rent: $336
Size: 4.1 acre(s)

Financial Information (Pro Forma)

Gross Income $273,020
Operating Expense $104,420
Net Operating Income $159,842
Expense Ratio 38.2 %
Debt Info 70% LTV, 6.25%, 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: 44
Average Rent for Park-owned Homes: $642

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