Off Market MHP package: 2 park, 64 site, in Pensacola, FL (same owner)
Fully stabilized Mobile Home Park in a growing are of Pensacola-Ferry Pass, Brent Metro area in North Florida.
Strong MSA with 476,702 population, $181,450 median home price, and 3.5% unemployment.
Seller has these parks fully stabilized and almost turn key with 53 of 64 pads filled, homes are 90% tenant owned so the upside would be to add another 9 homes ( 1 lot is undeveloped and 1 lot has a brand new home on it that is for sale.) Both parks are public sewer and water, and 1 is direct billed. The other park is sub-meter, but just need to transfer billing to owners.
After upside park should be at 10-11 Cap.
Majority of tenants pay $240 in one park and $250 In the other. Market rent should easily be able to support an increase to $300
✔ 90% Tenant Owned Homes
✔ City water
✔ City Sewer
✔ About 500,000 people and growing
✔ Paved roads
✔ Easy Value Add