Mobile Home Park

The Grove Tallahassee

3535 Roberts Ave, Tallahassee, FL 32310

Listing Price: $13,100,000

Cap Rate
7.03%
Number of Spaces
313
Lot Size
47.76 acres
Occupancy
56.8%
Price/Space
$41,853
Spaces/Acre
6.55
Year Built
1971

Investment Overview

Marcus & Millichap is proud to present the opportunity to acquire The Grove Tallahasee, formerly known as The Meadows Mobile Home Park, in Tallahassee, FL. Comprised of 313 permitted lots and located on 47.8 acres of land, this community is serviced by city water and city sewer and has several quality amenities, including a clubhouse, playground, basketball courts, and a pool. The property is located with minutes of Florida’s State Capitol, Florida State University, and a variety of metropolitan areas with dining, retail, and entertainment venues. Tallahassee has grown 6% in the last 10 years and there is an opportunity to fill vacancies, so this opportunity will appeal to any savvy investor looking for strong cash flow and long term growth. This property is offered in conjunction with Morning Star Mobile Home Park in Ruskin, FL and Sunshine City Mobile Home Park in St. Petersburg, FL. The full portfolio offers the rare opportunity for value add-potential and strong cashflow in two highly desirable markets. All of these properties are desirable on their own, but as a portfolio, this a unique opportunity to acquire 388 lots in large density MSAs. And while the preference is to sell as a portfolio, they are also available on an individual basis.

Investment Highlights

  • STRONG MARKET: Tallahassee's population is close to 400k & has grown 6% in 10 years, Located minutes from the State Capitol & FSU, Tallahassee metro area offers variety of restaurants, retail, & more
  • RELIABLE INFRASTRUCTURE: City water & city sewer, All utilities direct bill, Owners invested over $2.5M in capex improvements
  • VALUE ADD OPPORTUNITY: Opportunity to bring in new homes & increase occupancy significantly, Opportunity over long term ownership to sell existing homes to tenants & lower operating costs

Exclusively Listed By

  • Jeff Benson

    Senior Vice President Investments

    (310) 909-5420

    Email Jeff

    License(s): CA: 01327285

    West Los Angeles

  • Kenneth Schefler

    Associate

    Email Kenneth

    License(s): CA: 02091391

    West Los Angeles

Broker of Record

  • Ryan Nee

    First Vice President / District Manager

    License(s): FL: BK3154667

    Florida

Mobile Home Park

The Grove Tallahassee

Listing Price: $13,100,000

Cap Rate
7.03%
Number of Spaces
313
Lot Size
47.76 acres
Occupancy
56.8%
Price/Space
$41,853
Spaces/Acre
6.55
Year Built
1971

Investment Highlights

  • STRONG MARKET: Tallahassee's population is close to 400k & has grown 6% in 10 years, Located minutes from the State Capitol & FSU, Tallahassee metro area offers variety of restaurants, retail, & more
  • RELIABLE INFRASTRUCTURE: City water & city sewer, All utilities direct bill, Owners invested over $2.5M in capex improvements
  • VALUE ADD OPPORTUNITY: Opportunity to bring in new homes & increase occupancy significantly, Opportunity over long term ownership to sell existing homes to tenants & lower operating costs

Investment Overview

Marcus & Millichap is proud to present the opportunity to acquire The Grove Tallahasee, formerly known as The Meadows Mobile Home Park, in Tallahassee, FL. Comprised of 313 permitted lots and located on 47.8 acres of land, this community is serviced by city water and city sewer and has several quality amenities, including a clubhouse, playground, basketball courts, and a pool. The property is located with minutes of Florida’s State Capitol, Florida State University, and a variety of metropolitan areas with dining, retail, and entertainment venues. Tallahassee has grown 6% in the last 10 years and there is an opportunity to fill vacancies, so this opportunity will appeal to any savvy investor looking for strong cash flow and long term growth. This property is offered in conjunction with Morning Star Mobile Home Park in Ruskin, FL and Sunshine City Mobile Home Park in St. Petersburg, FL. The full portfolio offers the rare opportunity for value add-potential and strong cashflow in two highly desirable markets. All of these properties are desirable on their own, but as a portfolio, this a unique opportunity to acquire 388 lots in large density MSAs. And while the preference is to sell as a portfolio, they are also available on an individual basis.

Exclusively Listed By

  • Jeff Benson

    Senior Vice President Investments

    (310) 909-5420

    Email Jeff

    License(s): CA: 01327285

    West Los Angeles

  • Kenneth Schefler

    Associate

    Email Kenneth

    License(s): CA: 02091391

    West Los Angeles

Broker of Record

  • Ryan Nee

    First Vice President / District Manager

    License(s): FL: BK3154667

    Florida

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