Springwood Estates

Springwood Estates Mobile Home Park – Tallahassee, FL

I am pleased to present a prime investment opportunity in Tallahassee, Florida – Springwood Estates Mobile Home Park. This property offers substantial upside potential and a stable income stream in a growing FL market. Below are the key details:

Property Overview:

• Address: Springwood Estates, 1851 Banberry Way, Tallahassee, FL 32310

• Maps Link: [View on Google Maps]

• Size: 5 acres

• Total Lots: 50 (with zoning and area to create 10 more lots)

• Current Homes: 43, with 34 occupied

• Home Ownership: Approximately 2 Park-Owned Homes (POH), the rest are Tenant-Owned Homes (TOH)

Financial Highlights:

• Lot Rent: Ranges from $350 to $425

• Current Gross Monthly Income: $17,000

• Annual Gross Income: $230,000

• Asking Price: $1,800,000

• Seller Financing: Not available

• Projected Cap Rates:
  45% Expense Load – 6.2%
  40% Expense Load – 6.8%
  35% Expense Load – 7.3%

Utilities and Services:

• Public Utilities: Sub-metered water with meter reading and bill-back to tenants

• Trash: Included with rents

Additional Information:

• Recent Activity: Recently rehabbed a unit and sold it successfully, demonstrating potential for property upgrades and value enhancement.

• Operational Upside: Significant potential for improving operational efficiency and managerial oversight, which aligns with rental growth opportunities.

This investment opportunity offers both immediate cash flow and long-term value appreciation in a growing Tallahassee market.