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Mobile Home Park for Sale in Lake Wales, Florida

1419 Steve Lane
Lake Wales, FL 33898

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Sale Price: $1,500,000

Contact Information

William Jordan

Mobile Home Park for Sale

Number of MH Lots: 56
Size: 6.4 acre(s)
Cap Rate: 9.3%
Purchase Method: Cash, New Loan
Status: Active
Property ID: 876064
Posted on: Nov 06, 2017
Updated on: Jan 16, 2018
Price: $1,500,000

Property Description

OWNER FINANCING - 56 spaces, 43 units in place. 42 units are rent ready 1 need rehab, 13 spaces ready for units, Most Infrastructure in place for remaining units. All units are Park owned. . Average rent is $550.City water individually metered, Newer Septic system, 97% occupancy rate. 1 Storage unit for equipment, 1 Shop/office, 1 Steel Container to store Materials, Golf Cart, All Hand tools and lawn equipment included, Also a 2011 Ford Ranger. Management in place, willing to stay on with new owner. Owner willing to finance. DEAL #1- $1,000,000. M down. Owner will finance balance @ 7.5% based on a 20yr mortg. with a 3-5 yr Balloon. DEAL # 2- You get loan from the bank for 80% , put down 5% and owner will hold a 2nd for the remaining 15%, MONTHLY EXPENSES: Management $1300. Maint Person $1400. Electric $200. Septic $500 Trash $600. Prop. Taxes $1,200. Insurance $400. Material. $1,000. TOTAL $6,600.00 Best deal on the Market! Call 727 389 3082

Park Information

Number of MH Lots:56
Total Occupancy:97.0%
Year Built:1982
Average MH Lot Rent: $550
Size:6.4 acre(s)

Financial Information (Actual)

Gross Income$238,800
Operating Expense$84,000
Net Operating Income$154,000
Expense Ratio 35.2%
Debt Info

Lot Information

Singlewide Lots:56

RV Information

Number of RV Lots:0

Utility Information

Water Paid By: Tenant - Individual Service

Park-Owned Homes

Number of Park-owned Homes:43

Amenities and Other

Storage: Yes