The Esterson MHC Team is pleased to present this 3-park, 119-unit portfolio in Pensacola, FL, a stabilized with upside investment opportunity in an excellent location.
Pensacola, FL is a thriving coastal city with a robust economy. It’s the county seat of Escambia County, home to roughly 318,000 people. Pensacola is home to a deepwater port, multiple higher education institutions and healthcare facilities, Naval Air Station Pensacola, and a booming tourism industry that saw a record 2.5 million visitors between October 2021 and September 2022. The city is currently seeking federal funding to expand the Pensacola International Airport capacity by 50% to keep up with demand. The parks in this portfolio are all less than 30 minutes to the airport and 30 minutes or less to the nearby pristine beaches. With 2-bedroom apartment rents in Pensacola averaging over $1,100 per month, these parks are perfectly positioned to continue supporting the need for affordable housing.
This portfolio has a total of 119 units consisting of 95 tenant owned homes (TOH), 1 rented park owned home (POH), 20 rented RV lots, 1 rented stick-built office, and 2 vacant RV lots. The average MH lot rent per month is $495 and the average RV lot rent per month is $555. The stick-built office is leased for $650 per month and run as a small convenience store. Some MH tenants are paying a mortgage on their homes to 21st that are being backstopped by the current owner and will need to be backstopped by a new owner. Some homes are older and in below average shape, but most are newer and in good condition. All are tenant owned.
All 3 parks are serviced by public water. The water at 99 Oaks and Patriots 1 is paid for by the park and included in rent. 99 Oaks and Patriots 1 are serviced by septic systems with no known issues that are paid for by the park and included in rent. Patriots 2 is serviced by public water and sewer that are billed back to tenants at a flat rate. All 3 parks are serviced by dumpsters that are paid for by the park and included in rent. The roads are paved and maintained by the park at Patriots 2. They are gravel and maintained by the park at 99 Oaks and Patriots 1. Patriots 1 and Patriots 2 are not in flood zones. 99 Oaks is located in a flood zone. There are no opportunity zones.
We are asking investors to submit offers at or above $5,250,000 for this portfolio. The portfolio should qualify for conventional recourse financing depending on buyer qualifications.
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