Located in Milton, FL, Oak Harbor MHC consists of 38 mobile home lots. Milton, FL is part of the Pensacola metropolitan area.
The community has 38 mobile home lots, 13 tenants are on a rent to own contract (RTO) with a $350-lot rent and an average $191 RTO payment. All RTO’s mature by April 2021. There are 6 rented park-owned homes (POH) with an average rent of $120 above the lot rent. Current occupancy is 100%, tenants pay rent online and the park has an onsite maintenance manager making this investment opportunity ideal for an absentee owner.
Oak Harbor uses public water and is on a 1:1 septic system. Water and sewer and trash are included in the rent. The tenant’s electric is billed direct.
The park is priced at $1,250,000 plus an additional $50,000 for the inventory. The pricing represents a cap rate of 7.98% using current lot rent income (excluding home rent income) on normalized actuals representing a 36% expense ratio. This community qualifies for conventional recourse bank financing from a local bank using about a 75% LTV, 4.75% interest and a 25-year amortization providing investors with a 14.5% cash on cash return. We are asking that investors submit offers at or above $1,300,000.
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