0Tampa, FL 33592

  • Residential income properties
For Sale
$3,250,000 View listing

Property Details

Property type
Residential income properties
Property subtype
Multifamily properties

Description

This exceptional 40-unit manufactured housing community (MHC) in Thonotosassa, Florida, presents a compelling investment opportunity. Located in Hillsborough County, near major interstate access and grocery stores, this Class B property boasts a 9.69% cap rate and an asking price of $3,250,000. The property features a well-maintained onsite well and a recently renovated ($500,000 investment) septic system, ensuring efficient and reliable infrastructure. Currently operating as a hybrid model, with approximately 62% of units under POH (Personal Owned Home) rentals and 20% as land lease only (LTO), this MHC offers significant flexibility. The majority of LTO agreements are expected to renew as POH rentals. The existing POH rental model generates substantial cash flow, projected to yield a 12%+ ROI. Alternatively, a conversion to a pure lot rent model is feasible, offering an estimated 9%+ ROI over a five-year hold, although with a lower exit cap rate. The property benefits from professional, in-place management provided by a national operator, making it ideal for passive investors. Individual units could potentially be sold for $20,000-$30,000 each, further enhancing investment returns. This well-positioned asset offers a strong combination of immediate cash flow and long-term growth potential in a thriving Tampa Bay market. The property's location, near two major interstate on/off ramps, provides convenient access to a large workforce and consumer base. The current management team ensures seamless operations, minimizing management overhead for the new owner. This is a rare opportunity to acquire a well-managed, high-performing MHC in a prime location.

Tampa, Florida

Location Insight

City
Tampa
County
Hillsborough
State
Florida
Latitude
28.0932
Longitude
-82.2692

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].