Qualified buyers only. Contact Glenn for more details.
The portfolio is a stabilized opportunity with upside consisting of 5 mostly land-lease communities in strong markets. The portfolio has 470 active lots with 361 lot rent only tenants each paying an average lot rental rate of $475 per month. There are 15 park owned home tenants and 12 vacant park owned homes that can be brought online. 59 tenants are on a rent to own type contract that mostly expires in 2021 and 2022. There are 21 vacant lots. Please note that 63 MH lots are used for long-term RV tenants and the RV lots would support a modest single wide home. There is also a occupied single family home and an occupied 3 bedroom apartment included in the deal. Current occupancy is roughly 93% on active lots.
All parks are year-round, all-ages communities and has city water at 3 parks that is billed back to the tenant. 2 Parks use a well and city water is available at one of them. 4 communities use public sewer and 1 park utilizes a waste water treatment plant that has a renewed 5 year permit and has no known deferred maintenance.
The tenant owned units are an older vintage but in above average condition. Roads are paved and in mostly average condition as our offering price suggests. 4 parks are partially in flood-zones. All parks are located in excellent locations near all amenities.
1481 N US HWY 1, Titusville, FL 32796
Lake Runnymeade Mobile Home Park
1310 W Rosewood Ave, St. Cloud, FL 34771
Colony Park Mobile Home Village
6786 Mangrove Drive, Merritt Island, FL 32953
Cocoa Point MHP
340 Mallets Bay Lane, Cocoa, FL 32926
Cypress Strand MHP
3305 Frankie Lane, Cocoa, FL 32926
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