0Tampa, FL 33592
- Residential income properties
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.
Location Insight
- City
- Tampa
- County
- Hillsborough
- State
- Florida
- Latitude
- 28.0932
- Longitude
- -82.2692
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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