8209 Highway 2301 Active Save Request In-Person Tour Request Virtual Tour
Panama City,FL 32461
Key Details
Property Type Manufactured Home
Sub Type Manufactured Home
Listing Status Active
Purchase Type For Sale
Square Footage 1,470 sqft
Price per Sqft $135
Subdivision No Named Subdivision
MLS Listing ID 730828
Style Mobile Home
Bedrooms 3
Full Baths 3
Year Built 1980
Annual Tax Amount $829
Tax Year 2022
Lot Size 1.810 Acres
Property Description
Property has 4 addresses. 2 park owned existing mobile homes on property that are leasing for a total of $2080 a month. Expenses are extremely low because of well and septic. All figures and info are supplied by Seller and are not guaranteed and should be verified. Electric is less than $50 a month and Culligan has a water purifier rental for $130 a mo. Taxes are $945 a year or $79 a month. NOI around $21,855 a year giving a Cap Rate of 10.98%. Both units have been extremely well appointed during the rehab process with new kitchen cabinets in both units. Both even have granite kitchen countertops. Unit 8213 up front is a 1bd/1ba. Unit 8211 in back is a 14' wide (not the normal 12) and is a 2bd/2ba. Both bedrooms have their own bathrooms. One even has a garden tub and walk-in closet. Both units have Central HVAC and most appliances are new. Both units have washers and dryers. You'll see the quality and very little deferred maintenance the Seller takes pride in. Seller has another MHP (MLS# 737012) and owns both land and all units. 11 paying rentals located appx 1.5 miles away at 6904 thru 6920 Penny Rd. Asking Price $1.2M. Onsight Manager/Maintenance person takes care of both parks and is extremely trustworthy. Seller offering both properties at $1.4M (savings of appx 100k). Cap Rate is currently 8.08%. The larger park has 2 vacant lots that used to have units on them. Let someone put a unit on each of those vacant lots for $600 per unit raise rents by 7.5% and your total Cap Rate would be 10.06% based on $1.3M sale price. Call today for more details.
Location
State FL
County Bay
Community Short Term Rental Allowed
Area 04 - Bay County - North
Interior
Heating Central,Electric
Cooling Central Air,Electric
Exterior
Community Features Short Term Rental Allowed
Utilities Available Electricity Connected,Septic Available,Water Available
Waterfront No
Building
Lot Description Cleared
Sewer Septic Tank
Water Well
Schools
Elementary Schools Deer Point
Middle Schools Merritt Brown
High Schools Mosley
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional