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2 Park Portfolio – Cocoa, FL

Located in Brevard County on the famous Space Coast of FL, this proposed 55+, 2-park, 246 pad development presents an opportunity to build market leading manufactured home communities in Cocoa, FL.

Directly in the middle of the Palm Bay-Melbourne-Titusville, FL metro area, Cocoa is in a highly desirable and growing area known as the Tech Corridor. Employers in the area include NASA, Space X, and Blue Origin. In addition, Amazon is building a 200,000 square foot fulfillment center just a few minutes from each of the subject properties. Other landmark facilities near the proposed developments include the Kennedy Space Center Visitor Complex, Merritt Island, Cape Canaveral Air Force Station, and Port Canaveral.

There are numerous exciting indicators for this project. The 608k population in Brevard County has grown at a rate of 5.1% since 2010. The median home price is $277k in Brevard County and $232k in Cocoa. The average age of residents in Brevard County is roughly 47 years old. This all points to an exceedingly robust market for an affordable, centrally located, high quality retirement community in what was called one of the Top 10 Beach Towns in FL by the Huffington Post.

Canaveral landing will feature 100 low-density manufactured home lots surrounded by nature trails, a community pool, and an entertainment area with stationary grills. Cedar Lake Estates will feature 146 low-density manufactured home lots and is located just a few miles from multiple freeway access points, the Space Coast Regional Airport, and beautiful beaches. Both parks are 40 minutes or less from the Orlando International Airport.

With the ability to charge an $800 market lot rent, these completed, and fully occupied parks would produce a maximized net operating income of $1,490,000 and be worth roughly $151k per pad on a market sale, excluding any value for park owned homes.

Canaveral Landing Highlights

  • 33+ Acres of Residential Land Located in Cocoa, Florida
  • Approved for 96 Manufactured Housing Units
  • Subject Land is Located Off Grissom Parkway With 674-Feet of Frontage Along Canaveral Groves Blvd
  • The Community Will be Low-Density With 4 Homes/AC (10-Acre Conservation Easement)
    • Surrounded by Nature Trails & Community Pool, Recreational Pavilion and Stationary Grills
  • Canaveral Landing Homes Will be High-Quality Factory-Built Garden Style Residences With W/D and Full GE Appliance Packages, Car Ports, Storage & Privacy Fencing
  • Homes Will be Green and Highly Energy Efficient, Which Meets the Standard for 45L tax Credits

Cedar Lakes Estates Highlights

  • 58+ Acres of Residential Land Located in Cocoa, Florida
  • Located 5-Miles From I-95 Exit 208 at Port St John Blvd & 5-Miles From SR 528 Beachline Expressway Ramp on US-1
  • 3.75-Miles South of Space Coast Regional Airport
  • 33-Miles East of Orlando International Airport
  • 10-Minute Drive South to Martin Andersen Beachline Expressway (SR 528) Access
    • Head East to Port Canaveral & Cocoa Beach Pier or Head West and Take the Beachline Expressway to Orlando
  • 5-Minute Walk to the Park for Boating & Fishing
  • Space Coast Regional Airport, Kennedy Space Center Visitor Complex, Merritt Island, Cape Canaveral Air Force Station & Port Canaveral all Within a 10-Mile Radius of Subject Property

Area Highlights

  • 5-Minute Drive South to Martin Andersen Beachline Expressway (SR 528) Access
    • Head East to Port Canaveral & Cocoa Beach Pier or Head West and Take the Beachline Expressway to Orlando
  • Space Coast Regional Airport, Kennedy Space Center Visitor Complex, Merritt Island, Cape Canaveral Air Force Station & Port Canaveral all Within a 10-Mile Radius of Subject Property
  • Known as the Tech Corridor, Area is Growing With an Impressive List of Employers Including NASA, Space X and Blue Origin
  • Grissom Parkway is the Primary N/S Collector Roadway Between the Heavily Populated Areas of Port St. John and Titusville
  • The Huffington Post Names Cocoa Beach one of the 10 Best Beach Towns in Florida
  • The County is in a Building Boom With Several Housing Projects in the Process: Watermark Project, Panther Ridge (142 Lots) and Hickory Ride (107 Lots)
  • The Neighboring City of Titusville Just North Reports There are 4,454 Single-Family Units & 226 Apartment Units in 16 Projects Currently Under

MANUFACTURED HOUSING BENEFITS

  • Construction time reduced by 30%-50%
  • Construction quality control far exceeds that of traditional construction.
  • Manufacturer Warranty-“2 Year full warranty” & “10 Year Structural”
    • 2 yr. warranty covers all appliances, systems, and functional components thereof
    • 10 yr. warranty covers all load bearing components, including roof, footings, foundation, walls, beams, etc. •
  • Meets or exceeds manufactured housing standards set by HUD, FL Dept. of Business Professional Regulation, and FL Building Code Regulations.
  • ESG Opportunity-manufactured homes are “Green”
  • Lower density single family neighborhood feel.
  • Insurable as standard single-family rental community
  • Hurricane Rated for Zones I, II, and III.
    • Built on steel an I-beam frame and attached to concrete foundations with steel hurricane straps

Details

Price : $9,000,000.00 $0.00
Lots : 245
Investment Type : Development
Property Type : MHP
Status : Sold
Area : Florida>Cocoa
Address : 900 Ann Way, Cocoa, FL
MSA/ST : Palm Bay FL MSA (Space Coast)
Utility : Public
Acreage : 91.83
Occupancy Rate : Development
Water Info : Public
Sewer Info : Public
Flood Zone Info : Mixed
Property ID : 5868

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