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Don’t miss out on this turn-key income producing property located in the fast growing and up and coming town of Wildwood, Florida! Just south Of Ocala lies this 6 unit Manufactured Home Park situated on a full acre. Two of the units were built in 1987, three of the units were built in 1992, one of the units was built in 2019… All units are currently rented as followed:
- 2bed/2bath; 672 sq ft; $750
- 2bed/2bath; 672 sq ft; $750
- 2bed/2bath; 672 sq ft; $900
- 2bed/2bath; 672 sq ft; $1100
- 2bed/2bath; 672 sq ft; $950
- 2bed/2bath; 784 sq ft; $1050
3 septic tanks are on property, 1 well pump and each unit is metered separately for electricity with tenants paying for this expense.
Based on the current rent roll, this property is zoned R/V MH Park and currently grossing $66,000.00 annually.
Currently the operating expenses are as followed:
-Waste management comes out to $350.00 monthly given a $4,200.00 annual expense
-Electric is $50.00 a month which takes care of the light pole and well pump on property
-The Department of health also requires a water sample from the pumps which is accounted for every 3 months at $50.00 a sample totaling $200.00
-Property Taxes and Insurance at $1215.55 and $2500.00 respectively
Based on the current income and expenses, this property is generating over $55,000 a year in net current operating income, showing over a 9% annual yield on purchase price.
The current owner is a hands-on owner and does not charge a management fee so we took in account for a potential investor buying this property at $599,900.00 as follows:
PROJECTED PRO FORMA
One of the units is already renting at $1100 and based off current rental rates, all these units should be parallel to this price point or even higher.
We used an estimated amount of $40,000.00 for rehab purposes to be allocated to the use of adding an additional manufactured home, because there is an additional pad available for one more unit on this property that we have accounted for in the proforma for an additional $1100/month in potential rent.
The projected operating expenses based on our current asking price are as follows:
Waste- $4200.00
Dept of Health Sample- $200.00
Re-Assessment Property Taxes- $5985.00
Re-Assessment Insurance- $3890.25
Management fees- $5121.60
Well Pump/ light pole- $600.00
Estimated vacancy rate- 3%
Cost of Vacancy- $2,412.00
With maximized rental rates and all expenses counted for, this property has the potential to bring you a net operating income of $69,895.15, or a 10.82% projected annual return on your investment.
With similar fully stabilized properties selling at a market cap rate of 8%, we project this property to be worth over $850,000.00 after the completion of the stabilization of this property.
Please contact Brylen Ericksen (904)-430-7423 for questions & any additional information
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