Mobile Home Park

Sunshine City MHP

5000 28th St N, St. Petersburg, FL 33714

Listing Price: $1,750,000

Cap Rate
5.53%
Number of Spaces
46
Lot Size
2.20 acres
Occupancy
59.6%
Price/Space
$38,043
Spaces/Acre
20.91
Year Built
1976

Investment Overview

Marcus & Millichap is proud to present the opportunity to acquire Sunshine City Mobile Home Park in St. Petersburg, FL. Comprised of 46 lots and located on 2.2 acres of land, it is serviced by city water and city sewer. However, it is master billed and over $30,000 of utility expenses are not passed through to the tenants, giving a new owner an amazing opportunity for value add potential. The property is minutes from downtown St. Petersburg, where median home prices are over $200,000 and population is 250,000. This opportunity will appeal to any savvy investor looking to acquire a community in a strong market with sizeable rent growth potential. This property is offered in conjunction with The Grove Tallahassee Mobile Home Park in Tallahassee, FL and Morning Star Mobile Home Park in Ruskin, 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: Tampa Bay's population is over 3M & has grown 15% in 10 years, Only a few minutes from downtown St. Petersburg, Variety of restaurants, high end retail, & popular entertainment venues
  • RELIABLE INFRASTRUCTURE: City water & city sewer, Owners have invested over $400K in capex improvements
  • VALUE ADD OPPORTUNITY: Opportunity to increase rents (currently below market by ~$100/month), Opportunity to convert utilities to direct billing, Opportunity to bring in new homes & fill vacant lots

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

Listing Price: $1,750,000

Cap Rate
5.53%
Number of Spaces
46
Lot Size
2.20 acres
Occupancy
59.6%
Price/Space
$38,043
Spaces/Acre
20.91
Year Built
1976

Investment Highlights

  • STRONG MARKET: Tampa Bay's population is over 3M & has grown 15% in 10 years, Only a few minutes from downtown St. Petersburg, Variety of restaurants, high end retail, & popular entertainment venues
  • RELIABLE INFRASTRUCTURE: City water & city sewer, Owners have invested over $400K in capex improvements
  • VALUE ADD OPPORTUNITY: Opportunity to increase rents (currently below market by ~$100/month), Opportunity to convert utilities to direct billing, Opportunity to bring in new homes & fill vacant lots

Investment Overview

Marcus & Millichap is proud to present the opportunity to acquire Sunshine City Mobile Home Park in St. Petersburg, FL. Comprised of 46 lots and located on 2.2 acres of land, it is serviced by city water and city sewer. However, it is master billed and over $30,000 of utility expenses are not passed through to the tenants, giving a new owner an amazing opportunity for value add potential. The property is minutes from downtown St. Petersburg, where median home prices are over $200,000 and population is 250,000. This opportunity will appeal to any savvy investor looking to acquire a community in a strong market with sizeable rent growth potential. This property is offered in conjunction with The Grove Tallahassee Mobile Home Park in Tallahassee, FL and Morning Star Mobile Home Park in Ruskin, 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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