Investment Overview

Marcus & Millichap is pleased to present Chaffee Creek MHP, a value-add, 12-unit manufactured housing community with seller financing available, located in Jacksonville, FL. This investment offers in-place cash flow with immediate upside through market rent adjustments and infill of vacant lots. Jacksonville is the most populous city in Florida and one of the fastest-growing metros in the Southeast. The Jacksonville metro region is experiencing notable population growth. According to one source, from 2023– 2028 the region is expected to grow by approximately 11% — faster than the state average and many U.S. metros. The market benefits from a diverse economy anchored by logistics, finance, healthcare, and the Port of Jacksonville, along with a strong military presence. Population growth and business-friendly economic conditions continue to fuel demand for affordable housing. With median three bedroom apartment rents well above $1,800 per month in the Jacksonville MSA, manufactured housing remains an attractive, lower-cost alternative for families and workforce residents. Chaffee Creek MHP is 12 total units consisting of 8 tenant-owned homes (TOH), 1 rented single-family home (SFH), 1 abandoned manufactured home (MH), and 2 vacant MH lots. The average lot rental rate per month is $563 and the SFH rents for $1,500 per month. The lot rental rate is significantly below market, which should be at least $700. The park is serviced by public water that is billed back to tenants, private sewer (1:1 septic) included in rent and curbside trash that is billed directly to tenants. Electric is also billed directly to tenants. The roads are paved and publicly maintained. The park is partially in a flood zone. The park is NOT in an opportunity zone. This opportunity is being offered at $750,000 and seller financing is available at 35% down, 5% interest only for 12 months, then 48 months at 5% interest rate and 25 year amortization, and a 5 year balloon. All offers must include purchase price, inspection timelines, appropriate terms, proof of funds, and relevant real estate experience.