8 unit mobile home park, fully occupied with all park owned homes in Lake City, Florida. Sellers say all tenants pay on time and have no issues with the tenants who are all seniors. Quiet tenants who pay on time. Very low maintenance calls. Some tenants have been there over a decade.
All units are 2beds/1bath with central AC. Solid homes have been well maintained over the years. Most homes are 1970’s, washer/dryer hookups, been redone inside at some point, solid homes with sealed roofs and no leaks. Solid subfloors. All water lines in each home have been updated with braided lines. Each unit comes with electric stove and refrigerator. All units have had cool seal and new patch seams in early 2020. Outside security light. 1 Well and 2 Septics maintained on site.
Sellers have owned the park for 20 years and are now retiring. Overall well kept and low maintenance park ready for a new owner.
The park owns all the homes which are rented below market between $425/m-$725/m. Market rents could easily be pushed to $650-$800 over the next couple years. At a market rent of $725/m, the gross monthly rent would be $5800/m with very low expenses.
A Local Realtor recommended they list the park for $390k-$425k so this cash price is much lower than expected market value.
Current Gross Rents: $4,435/m
Actual Rents per unit: unit1 $725, unit2 $695, unit3 $510, unit4 $595, unit5 $425/m, unit6 $425, unit7 $450, unit8 $610
Actual Expenses: $4952/yr (Owners cut the lawn which takes about 90 min, estimate lawn maint. would be an additional $200/m)
Market Gross Rents: $5800/m
At current rents and expenses the property is selling at a 14CAP and with rents increased to market value it would be around an 18 CAP.
This property is well maintained and priced to Sell!
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