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6904 Penny Road
Panama City, FL 32404 ·

12 Spaces · Multifamily For Sale

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Penny Road Mobile Home Park

Price N/A Distressed Yes
No. Spaces 12 Occupancy 100%
Property Type Multifamily Year Built 1979
Property Sub-type
Mobile Home/RV Community
More...
  • Residential (land)
Lot Size 2.67 AC
Property Use Type Investment APN / Parcel ID 05552-000-000
Listing ID: 15100513 Date Created: 04/19/2007 Last Updated: 08/17/2010

Description

Penny Road Mobile Home Park

12 Mobile Homes on 2.6 acres (Bay County Parcel IDs 05552-000-000 and 05552-010-000)
Park is on 2 separate wells and 4 septic tanks
Most mobile homes are 2 bedroomds/2 baths and are from the early to late 70' s
Most units have been updated with new central A/C unit and other various improvements (flooring, new counter-tops, etc)
very little advertising require to find tenets & usually by word of mouth
Average rents includes garbage, water, trash, and basic cable
Area could justify a monthly rent increase to @ $595 or a weekly rate of $190-$200 (weekly rate equal to a average monthly income of $866 to $953 per unit)

I will owner finance with 20% down@ 7.5% APR 5 year Balloon). Interest only or a conventional P&I payment.
If we do a standard Contract for Deed or purchase the LLC there will be no closing costs

Tim at

Directions from Panama City. Approximately 15 miles north of PC Mall Take Hwy 231 north to @ Hwy 2301 (next red light north of star) turn left, approximately 2 miles to right turn @Penny Road. Trailer Park is 4 blocks down on right hand side.

Highlights

  • close to Panama City Central
  • always 100% occupied
  • low property taxes..
  • manager on site
  • Great $ Flow at purchase price.. no 'rush' to raise rents
  • 15 miles from New Panama City Beaches International Airport::opens 5/2010

Research

6904 Penny Road, Panama City, FL 32404 (Bay County)

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