What is wrong with people? No wonder it’s so hard to find decent deals in FL, so many people with more money than brains, seriously. Check out what this closed for. I drove it a while back, it’s in an odd area.
@Coach62 , as per your post:
- “More money than brains?”
Wow, someone just paid $1,162,500 for 10 acres with 19 existing Mobile Homes.
Now after the New Owner pays $1,162,500 there is space that they could just magically add 24 spaces.
Now it did say that:
- “This neat, quiet park, with its valuable zoning, will be attractive to your commercial buyers.”
How valuable was that zoning?
You should ask the new owner if he wants to buy your Park too. It should be a bargain at 3MM comparatively, right?
6.5 cap in FL doesn’t seems that off-mkt as much as it pains me to say. Probably clipping coupons and playing redevelopment optionality. Not horrible in terms of $/acre either major FL metro mkt either.
Now that’s an idea LOL…
As far as the location, it has no frontage at all, not even close. You have to go down a narrow 2 lane driveway to even get to it, check out the overhead satellite image.
Read the listing closer. It says POTENTIAL income with all homes rented, meaning they’re POH. You can’t cap home rental income.
Although doing the math I suppose he could make it work, but when I see that many vacant lots it usually means low demand.
Ha, whoops! I grew up in Florida and don’t even waste my time looking down there.
Deals CAN be found but it is not easy. You have to find a deal where the park is poorly managed and the sellers THINK they’re selling at a high cap, but the cap can be improved with better management.
I recently did an inspection on a commercial building that was reportedly sold at a true 10 cap. It was apartments over storefronts. I know not a MHP, but like I said, good investments are hard to find, but they are out there.
Yeah… but it’s got a gate!!!
Of course when I drove the property over a year ago it was easy to drive right around it LOL…