Bonifay MHC 3201 Wendy Lewis Rd 19 Unit Mobile Home Park $850,000 ($44,737/Unit) 9.45% Cap Rate Bonifay, FL 32425

Bonifay MHC is a 19-pad manufactured home community situated on approximately 5.48 acres in Bonifay, Holmes County, Florida. Developed in 1984 and currently zoned specifically for manufactured home park use, the property presents investors with a well-maintained community offering immediate cash flow along with significant upside through occupancy growth. The park is located outside of a designated flood zone, reducing flood-related concerns for ownership and lending. The current ownership group has owned the community for approximately 18 months and is divesting several mobile home parks as part of a broader portfolio strategy.
The community is currently 72% occupied, consisting of 9 park owned homes, 5 tenant-owned homes, and 5 vacant, build-ready pads. All vacant sites are capable of accepting manufactured homes, providing investors with an immediate opportunity to increase occupancy and substantially improve revenue without the expense of additional site development. Current ownership has already renovated three park-owned homes during their ownership, demonstrating continued investment into the property. If ownership were to continue operating the community, their primary objective would be to infill the remaining vacant pads, providing a clear roadmap for future value creation.
Bonifay MHC offers a healthy mix of both park-owned and tenant owned homes. The nine park-owned homes currently generate average monthly rents of approximately $850, and notably, rents have not been increased since the current owners acquired the property, presenting additional upside potential for future ownership. All titles for the park-owned homes have been properly retired.
The community also includes five tenant-owned homes paying average lot rents of $450 per month. Lot rents were last increased approximately one year ago and remain competitive within the local market.
Importantly, there are currently no vacant homes requiring renovation or removal, no homes being held for delinquent taxes, and ownership believes none of the existing homes require removal due to quality concerns.
The property benefits from stable day-to-day operations supported by an onsite manager and maintenance employee. Currently, no tenants are delinquent on rent, and the community operates utilizing written lease agreements. Residents conveniently pay rent electronically through Innago and Cash App, providing efficient rent collection and streamlined property management.
Residents maintain their individual home sites by mowing their own lots, while ownership maintains all common areas and vacant pads, helping preserve the appearance of the community.
Bonifay MHC is served by city water while utilizing a privately maintained septic system. Residents are directly billed by the respective utility providers for water, electric service, and garbage collection, minimizing utility reimbursement responsibilities for ownership.
The community features 14' x 66' home sites, underground PVC water lines, and 100-amp electrical pedestals serving each site. Interior roads are gravel, are considered by ownership to be in good condition, and are maintained by the park. Residents also benefit from convenient off-street parking throughout the community.
Bonifay is the county seat of Holmes County in Florida's Panhandle and serves as the area's primary governmental, educational, healthcare, and commercial center. Positioned along Interstate 10 between Pensacola and Tallahassee, Bonifay provides convenient regional access while maintaining the affordability and stability that continue to drive demand for manufactured housing.
The local employment base is well diversified across healthcare, education, government, corrections, utilities, retail, agriculture, and manufacturing, helping reduce reliance on any single employer. Major employers in the area include Holmes County School District, Holmes Correctional Institution, Doctors Memorial Hospital, West Florida Electric Cooperative, and several established manufacturing companies. This diverse employment base provides a stable source of workforce housing demand.
Additionally, Bonifay is located approximately one hour from the Emerald Coast, including Crestview and Fort Walton Beach, allowing residents to enjoy employment opportunities and recreational amenities along Florida's Gulf Coast while benefiting from significantly lower housing costs. This affordability advantage continues to support long-term demand for manufactured housing throughout the region.
Bonifay MHC offers investors an attractive opportunity to acquire a stabilized manufactured home community with meaningful upside remaining. Key investment highlights include:
• 19-pad manufactured home community on 5.48 acres
• 72% occupancy with five immediately leasable vacant pads
• Zoned specifically for manufactured home park use
• Outside of a FEMA flood zone
• Nine park-owned homes with below-market rents that have not been increased under current ownership
• Five tenant-owned homes generating stable lot rental income
• No delinquent tenants
• No vacant homes requiring removal or significant rehabilitation
• City water with private septic
• Underground PVC utility lines
• 100-amp electrical service at each pedestal
• Onsite manager and maintenance personnel
• Electronic rent collection through Innago and Cash App
• Off-street parking
• No assumable financing and no seller financing available
• Clear value-add opportunity through infilling five vacant pads and optimizing rental
Bonifay MHC presents a compelling combination of current cash flow, operational stability, and significant upside through increased occupancy, making it an attractive opportunity for investors seeking an affordable manufactured housing asset in Florida's steadily growing Panhandle market.
MR. LANDMAN, LLC is a licensed real estate entity in the State of Florida under License #CQ1062293. Jonathan Fisher is a licensed broker in the State of Florida under License #BK3489532.
Location:
Bonifay is a city and the county seat of Holmes County, Florida. As of the 2020 census, the population was 2,759.
The median home cost in Bonifay is $126,500. Home appreciation the last 10 years has been 136.4%. Home Appreciation in Bonifay is up 25.0%.
The median age of Bonifay real estate is 43 years old.
Renters make up 37.3% of the Bonifay population.
5.6% of houses and apartments in Bonifay, are available to rent.
The average 1-bedroom rents for $710/month.
The average 2-bedroom rents for $890/month.
The average 3-bedroom rents for $1,190/month.
The average 4-bedroom rents for $1,410/month.
Bonifay has an unemployment rate of 4.7%. The US average is 6.0%.
Future job growth over the next ten years is predicted to be 32.5%.
The Median household income of a Bonifay resident is $32,500 a year. The US average is $69,021 a year.
Bonifay violent crime is 18.1. (The US average is 22.7)
Bonifay property crime is 21.3. (The US average is 35.4)