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Cedar Pines Mobile Home Park 224 SE Davie Ct 33 Unit Mobile Home Park $1,200,000 ($36,364/Unit) 7.01% Cap Rate Lake City, FL 32025
Investment Highlights
- $632k Assumable Debt with 5.5% Fixed Rate
- Clear Path to NOI Growth Through Infill & Rent Optimization
- High-Demand Workforce Housing Market
Executive Summary
Located at 224 SE Davie Court in Lake City, Florida, this 33-site mobile home community offers investors an opportunity to acquire a cash-flowing asset with substantial upside in one of North Florida’s most strategic markets. Positioned near the intersection of Interstate 75 and Interstate 10, Lake City serves as the “Gateway to Florida” and benefits from strong regional connectivity, employment growth, and consistent housing demand.
The property currently generates approximately $101,693 in annual gross income and features an attractive assumable financing package, including a fixed 5.5% interest rate loan with an outstanding balance of approximately $632,000 and maturity in 2044.
The community consists of 20 tenant-owned homes paying $500 per month in lot rent, three vacant park-owned homes previously leased for $800 per month, four additional vacant sites ready for immediate occupancy, and six undeveloped sites that can be reactivated through clearing and site improvements. The existing vacancy and expansion potential provide a clear path to increased occupancy and revenue growth.
Utilities are serviced by city water and septic systems, while operating expenses remain manageable, with annual costs of approximately $12,000 for water, $2,100 for lawn maintenance, $5,000 for repairs and maintenance, and $19,600 in property taxes.
This offering presents investors with stable in-place cash flow, below-market financing, and multiple avenues to unlock additional value through infill and operational improvements.
The property currently generates approximately $101,693 in annual gross income and features an attractive assumable financing package, including a fixed 5.5% interest rate loan with an outstanding balance of approximately $632,000 and maturity in 2044.
The community consists of 20 tenant-owned homes paying $500 per month in lot rent, three vacant park-owned homes previously leased for $800 per month, four additional vacant sites ready for immediate occupancy, and six undeveloped sites that can be reactivated through clearing and site improvements. The existing vacancy and expansion potential provide a clear path to increased occupancy and revenue growth.
Utilities are serviced by city water and septic systems, while operating expenses remain manageable, with annual costs of approximately $12,000 for water, $2,100 for lawn maintenance, $5,000 for repairs and maintenance, and $19,600 in property taxes.
This offering presents investors with stable in-place cash flow, below-market financing, and multiple avenues to unlock additional value through infill and operational improvements.
Property Facts
| Price | $1,200,000 | Property Subtype | Manufactured Housing/Mobile Home |
| Price Per Unit | $36,364 | Building Class | B |
| Sale Type | Investment | Lot Size | 3.60 AC |
| Cap Rate | 7.01% | Building Size | 23,000 SF |
| No. Units | 33 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1978 |
| Zoning | RSFMH2 | ||
| Price | $1,200,000 |
| Price Per Unit | $36,364 |
| Sale Type | Investment |
| Cap Rate | 7.01% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | B |
| Lot Size | 3.60 AC |
| Building Size | 23,000 SF |
| No. Stories | 1 |
| Year Built | 1978 |
| Zoning | RSFMH2 |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 33-3S-17-06763-001 | Improvements Assessment | $194,472 |
| Land Assessment | $118,735 | Total Assessment | $313,207 |
Property Taxes
Parcel Number
33-3S-17-06763-001
Land Assessment
$118,735
Improvements Assessment
$194,472
Total Assessment
$313,207
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Cedar Pines Mobile Home Park | 224 SE Davie Ct