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-$$9,100,000

Space Coast MHC – Cocoa, FL

Price Reduced! Cash Flowing MHC In Cocoa, FL With Substantial Upside

We are pleased to present Space Coast MHC, a stabilized investment opportunity consisting of 93 rentable units with significant upside in a rapidly growing location.

The community consists of 75 tenant owned homes (TOH), 12 rented RV lots, 4 apartment units, 1 single family home and 1 warehouse unit. The average lot rental rate is $533 starting Jan. 01, 2024, which is significantly below market.

Space Coast MHC is a year-round, all-ages community that is serviced by public water and sewer, that are billed back to all tenants. Trash is included in rents. Tenants are responsible for maintaining their own lawns. The roads are paved. The park is not in a flood zone or opportunity zone.

The current market rent is estimated at $650-$750 based on rent comparable surveys and current JLT reports. Recent new rents at nearby parks are achieving $695-$795 a month. Current occupancy is 100%. This suggests that the overall market can potentially support higher lot rents based on limited affordable housing supply and growing demand in this market.

Brevard County’s population is ~601k and growing at a rate of ~5.1% with a median home price of ~$357K. The local market has a substantial need for affordable local housing and is currently under served.

As part of the Palm Bay-Melbourne-Titusville, FL MSA, Cocoa is in a highly desirable and growing area known as The Space Coast. Employers in the area include NASA, Space X, and Blue Origin. In addition, Amazon is building a 200,000 square foot fulfillment center just minutes away from the subject property. Other notable establishments near the property include the Kennedy Space Center Visitor Complex, Merritt Island, Cape Canaveral Air Force Station, and Port Canaveral.

We are asking investors to submit offers at or above $9,100,000. Owner financing available to qualified buyers at the following terms: $2,500,000 down payment, 5-year term with a 3% interest rate with interest only payments. If using the owners financing there is an additional $1,000,000 down payment due on day 366. At full price and using the owners financing, a buyer can achieve a 13.3% year 1 cash on cash.

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Details

Price : -$$9,100,000
Lots : 93
# of Parks : 1
Investment Type : Stable With Upside
Property Type : MHP
Status : On-Market
Address : Cocoa, FL 32922
MSA/ST : Palm Bay FL MSA
Tenants : 93
Utility : Public
Acreage : 9.77
Occupancy Rate : 100%
Current Average Lot Rent : $533
Gross Income (All Income Sources) : $714,491
Water Info : Public
Sewer Info : Public
Flood Zone Info : No
RV Lots : 12
Deal # : 731.1
Property ID : 8154

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Glenn Esterson

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