8-Unit MH Park in Lake City SW Shady Ln. Lake City, FL. 32024
This is an 8 unit mobile home park, fully occupied with all park owned homes in Lake City, Florida. Sellers say all tenants pay on time and have no issues with the tenants who are all seniors. Quiet tenants who pay on time. Very low maintenance calls. Some tenants have been there over a decade.
All units are 2beds/1bath with central AC. Solid homes have been well maintained over the years. Most homes are 1970’s, have washer/dryer hookups, been redone inside at some point with sealed roofs and no leaks. All water lines in each home have been updated with braided lines. Each unit comes with electric stove and refrigerator. All units have had cool seal and new patch seams in early 2020 and outside security light. Property has 1 Well and 2 Septics maintained on site.
Sellers have owned the park for 20 years and are now retiring. Overall well kept and low maintenance park ready for a new owner.
The park owns all the homes which are rented below market between 425-600/month. Market rents could easily be pushed to 650-800 over the next couple years. At a market rent of 700/m, the gross monthly rent would be 5600/m with very low expenses.
A Local Realtor recommended they list the park for 390k-425k so this cash price is much lower than expected market value.
Current Gross Rents: 4295/m
Market Gross Rents: 5600/m