Historical Multifamily Sale Listing - Penny Road Mobile Home Park

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Penny Road Mobile Home Park

6904 Penny Road, Panama City, FL 32404

N/A

12 Spaces | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Spaces:
12
Property Type:
Multifamily
Property Sub-type:
Mobile Home/RV Community
Additional Sub-types:
Residential (land)
Property Use Type:
Investment
Distressed:
Yes
Occupancy:
100%
Year Built:
1979
Lot Size:
2.67 AC
APN / Parcel ID:
05552-000-000
Listing ID
15100513
Last Updated
over 1 year ago

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

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.

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

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