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4029 Peaceful Ln
Zephyrhills, FL 33541
50-SP MHP - ASKING ONLY $16K/SP · Build-to-Rent Property For Sale
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5,000 sq ft
PROPERTY FACTS
| No. Units | 50 | Total Plot Size | 4.94 ac |
| Property Type | Build-to-Rent | Property Size | 5,000 sq ft |
| Property Subtype | Manufactured Housing/Mobile Home | Average Occupancy | 40% |
| Apartment Style | Garden | No. Floors | 1 |
| Costar Property Class | C | Year Built | 1964 |
| Use Class | ORMH | ||
| No. Units | 50 |
| Property Type | Build-to-Rent |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Garden |
| Costar Property Class | C |
| Total Plot Size | 4.94 ac |
| Property Size | 5,000 sq ft |
| Average Occupancy | 40% |
| No. Floors | 1 |
| Year Built | 1964 |
| Use Class | ORMH |
ABOUT 4029 PEACEFUL LN , ZEPHYRHILLS, FL 33541
The Peaceful Acres MHP is a 50-space MHP, that is under-performing and being sold at a discounted price. The owner also has an adjacent 1-acre lot that is zoned for 8 spaces that need to be built-out. Projection Report. Also included are 15 MH/RV park owned units with one double wide MH. Units need an estimated $40,000 worth of work. Currently the park is 40% occupied and collecting an average $65,000 NOI. The attached Financial Projection Report is based on the asking Price of $800,000, however, the Seller is flexible with the price depending on the offer and the Buyer qualifications. All Cash offers, with no financing contingency, will receive the lowest price. Rents collected average $235/space that is below market. Indicated expenses in the attached CCI Investor Report are actual and current. Bank Financing is available to a Qualified Purchaser. Center State Bank currently has the mortgage on this property and will consider financing for the next purchaser. The property is in fair condition with about $100K of anticipated repairs/upgrades. The reason the park is not fully occupied is the Owner is too busy to put the time into it. It is expected, with new management in place, the occupancy would go up to over 90% and rents should be increased to a minimum $325/sp, or $800/MH, as other equivalent parks in the area are producing. This should be accomplished within three years as indicated in the CCI Financial Projection Report.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 2+1 | 57 | - | - |
