- Lots: 470 Active | 525 Possible | +1 SFH, 1 Apt
- Cap Rate: 4.25%
- Acreage: 5 Communities
- Investment Type: Stabilized With Upside
- Total Tenants: 437
- MSA/St: Space Coast | Palm Bay FL MSA
- Utility: Public x 4 | Private x 1
- POH: POH: 28 | RTO: 60
Executive Summary
Qualified buyers only. Contact Glenn for more details.
Offering Materials
- Offering Memorandum
- Sale & Rent Comp Report
- Underwriting, P&L, RR
- 110 Second Marketing Video – Best viewed when downloaded
Well located, 470 active lots, five park manufactured home community portfolio with upside in occupancy, lot rent and 55 lot expansion area.
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.
Stable with Upside Portfolio
- Below Market Rents
- Below Market Occupancy
- 55 undeveloped lots
Offering Summary
- 5 parks
- 470 Active Lots Plus 2 SFH
- (63 lots Occupied by RV)
- Additional 55 Undeveloped lots
- 437 Tenants
- 93% Occupancy (Active Lots)
- 3 x Public Water, 2 x Well
- Public water available at 4 parks
- 4 x Public Sewer, 1 x WWTP
- Amenities
- Clubhouse (x 1)
- Laundry Facility (x 3)
- Pool (x 2)
- Office (x 2)
Intercoastal Estates
1481 N US HWY 1, Titusville, FL 32796
- Well/city sewer
- 109 lots + 1 single family home
- Clubhouse, laundry facility, dog walk
Lake Runnymeade Mobile Home Park
1310 W Rosewood Ave, St. Cloud, FL 34771
- Well/WWTP
- 76 lots
- Pool, laundry facility
Colony Park Mobile Home Village
6786 Mangrove Drive, Merritt Island, FL 32953
- City water/sewer
- 143 developed lots + 55 undeveloped lots
Cocoa Point MHP
340 Mallets Bay Lane, Cocoa, FL 32926
- City water/sewer
- 45 Lots
- Zoned for 74 lots, but would need full redo
Cypress Strand MHP
3305 Frankie Lane, Cocoa, FL 32926
- City water/sewer
- 97 lots + 1 Apartment
- Pool, office, laundry facility
Park Overview
- Cap Rate: 4.25%
- Cash on Cash - Non-Levered: 4.58%
- Lots: 470 Active | 525 Possible | +1 SFH, 1 Apt
- MHP Lots: 470
- RV Lots: 0 (65 MH lots have long-term RV tenants)
- Tenants: 437
- Occupancy Rate: 92.58% (Active Lots)
- Current Average Lot Rent: $475
- Current Average POH Rent: $239
- Gross Income (All Income Sources): $2,895,740
- Lot Rent Income: $2,488,440
- Gross POH Income: $250,116
- Utility Income: $160,468
- Water Info: Public x 3 | Well x 2
- Sewer Info: Public x 4 | WWTP x 1
- Flood Zone Info: 4 parks are in partial FZ
The information contained within this website is proprietary and strictly confidential. It is intended to be reviewed only by the approved party receiving it and should not be made available to any other person or entity without the written consent of the broker involved. This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. We have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained within has been obtained from sources we believe to be reliable; however, we have not verified, and will not verify, any of the information contained herein, nor have we conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE: Owners of this website and Marcus & Millichap REIS is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of the owners of this website & Marcus & Millichap REIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap REIS, and is solely included for the purpose of providing tenant lessee information.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTED AGENT FOR MORE DETAILS.