19 Unit Park Reduced! – Crestview, FL 32536 For Sale

  • $499,000
  • 36 beds
  • 20.5 baths
  • 15,000 sqft

Property Details
Tremendous value-add opportunity in this 19 unit mobile home park in Crestview, Florida, north of Destin beaches and east of Pensacola. The subject property is a fully operational Mobile Home Park in Crestview, Florida. The mobile home park is located directly near a military Airforce base. The typical tenants of the park are low income locals, or military/contract related workers that are working on the base temporarily. The property consists of 4.61 acres of land with 17 owner-owned mobile home units and 2 mobile home/RV lots with electricity meters and septic tanks ready for use. The mobile homes range from mid 70’s and 80’s to one new manufactured home at the front of the property. This unit is over 3000 sq ft and has an additional family/game room with fireplace/chimney behind the unit. Is currently rented for 950/month but market rent shows it can easily rent for $1200-1250/month. The two empty spaces can be rented for $350/month each to tenants seeking to bring their own RV’s, or you could bring in refurbished mobile homes to the lots for at least $650/month each. Currently grossing around $8000 monthly. Once two additional mobiles are added, and after some basic improvements to the park, we estimate monthly rents to increase to an average of $650 per unit with a proforma monthly gross of $12350. In addition to the mobile homes on the property, there are 3 old storage buildings on the property, and a decent amount of land adjacent to it for the ability to store boats and create storage units out of the building for extra cash flow on the property. The larger gray building has 4 separate doors. 3 of them are actively used for storage and can easily be rented out for cash flow. One of the doors leads to a room with 2 well pumps. Both are not currently in use but work just fine. There is a metal and wood piece of construction with 5 open spaces that were previously used for boat storage. The piece needs rehab to bring back to light but could easily boast $500/month extra to store 5 small boats if brought back to speed. There is another small building adjacent that was previously used as a coin-only laundromat for tenants of the park. It is now used for storage and could be rented out for extra cashflow as well. There is an open space of land in the area as well where more storage units or outdoor boat storage units could be developed. Large value add potential here. 7 of the mobile homes have had new metal roofs recently installed on them. Several of the units have had newer A/C units installed as well. The grounds need some trimming and maintenance, and the units need to be pressure washed. Other than that, units with renters in place are in decent shape. Property manager has people on call that he works with regularly that take care of maintenance calls for cheap. The 2 mobile homes of the 17 owner-owned mobile homes that are currently vacant are due to recent move outs of tenants. Property manager said they have tenants in place willing to move in. The 2 units need to be cleaned out, repainted, and prepped for new tenants. Would cost about $1000-1500/unit to refurbish the interior for prospective tenants. Would then be able to receive $650/month on each of those units. The property currently has 15 active tenants. Some are on month-to-month tenancy, and some are on leases. The following shows the current lease terms for the property. Once performing at total capacity, the park should yield a 14% return and at a market 10 Cap value of about 800,000.

Price:
$499,000
Address:
2210 W James Lee Blvd
Crestview, FL 32536
Square Feet:
15,000
Bedrooms:
36
Bathrooms:
20.5
Terms:
For Sale
Property Type:
Manufactured
Year Built:
1975
Basement:
Moderate
MLS #:
$785,000

Call (407) 678-0062 for more details

Property Location