Have a Florida park under contract with only 25% occupancy. All the current tenants are seniors but clearly fall under the low income/affordable bracket. There are no amenities and definitely doesn’t rate with the area parks as far as senior-lifestyle.
Thinking about focusing on a affordable/senior hybrid. Lot rents around $300/mo which is about half of what the area senior parks charge.
Any thoughts or input?
I dont have any experience in senior parks. Have you confirmed its designated as a senior park legally or just has seniors living in it?
Have you found any other parks w/o amenities to comp them against?
Do you have an explanation or backstory about the current occupancy assuming the rest of the market is full? And furthermore, have you confirmed that you won’t have issues getting occupied again?
Lastly if you looked at adding the amenities, is the park size able to support it ( i dont have experience in doing amenities in parks- just something to consider) .
I really like the model of renting to everyone as that’s what we do. Instead of a small bracket of the overall population but im assuming there is something good about it , since many of the larger REITs do it. I did talk with a mgr once who ran a senior park and she told me that there will be the regular turn over ( from tenants passing).
It is not designated as a senior park at this time. It’s just worked out that it only has seniors in there at this time. There are no other hybrid parks that I’m aware of although some of the senior parks would say they are affordable. The opportunity seems to be that the senior park rents are $500/mo plus. They all have amenities. This park has no amenities and doesn’t have extra room for them.
It seems all the senior and family parks around are full and my test ad did well pulling inquiries from both senior and non-senior. I believe I can have up to 20% non-senior living in a senior park.