THE LEASCH LOOP MOBILE HOME PARK IS A 21-PAD MOBILE HOME PARK LOCATED JUST NORTH OF TALLAHASSEE, FLORIDA. THE PARK SITS DIRECTLY ON THE HEAVILY TRAFFICKED FLORIDA-GEORGIA HWY THAT FEEDS INTO THE STATE CAPITAL! THE PARK HAS BEEN IN OPERATION FOR OVER 8 YEARS AND ALL MOBILE HOMES ARE TENANT OWNED. THIS 12.2 ACRE PARK COMES WITH THE 3+ ACRE LOT IN THE REAR OF THE PROPERTY, BRINGING THE TOTAL TO OVER 15 ACRES WITH THE POTENTIAL FOR FUTURE DEVELOPMENT AT THE SITE! THE PROPERTY CURRENTLY HAS A BRAND NEW 5-YEAR (NNN) LEASE IN PLACE, THAT INCLUDES RENTAL INCREASES EACH YEAR. THE LEASE, WHICH WILL COMMENCE ON THE DAY OF CLOSING, IN 2022, WILL PAY THE OWNER $7,500 PER MONTH INITIALLY AND ONLY INCREASE OVERTIME! THE LEASE IS PURE NNN AND THE OWNER IS NOT RESPONSIBLE FOR ANY OPERATING EXPENSES AT THE PROPERTY! THE CURRENT DEBT IN PLACE IS ASSUMABLE (SEE PAGE 5 FOR FULL LOAN DETAILS)! THE TENANT IS EXTREMELY STRONG AND HAS BEEN IN THIS BUSINESS FOR OVER 12 YEARS, THEY SPECIALIZE IN THE OPERATION OF MOBILE HOME PARKS! THEY HAVE A STRONG TRACK RECORD OF SUCCESS MANAGING AND OPERATING PROPERTIES JUST LIKE THIS! CURRENTLY, THE PROPERTY BOASTS AN IN-PLACE CAP RATE OF OVER 9.1%. THIS ONLY GETS BETTER AS THE NNN LEASE WILL INCREASE EACH YEAR! A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 9.7% AND A CASH-ON-CASH RETURN OF OVER 15% BY EARLY 2023! THIS WILL RISE TO A CAP RATE OF OVER 10% in 2024 AND 12%+ IN 2026! THIS ONE-OF-A-KIND OPPORTUNITY IS PERFECT FOR AN INVESTOR LOOKING FOR CONSISTENT MONTHLY INCOME IN FLORIDA. AT CLOSING, THE TENANT WILL SIGN A BRAND NEW 5-YEAR NNN LEASE STARTING WITH MONTHLY PAYMENTS OF $7,500. THE LEASE PAYMENTS WILL INCREASE BY $500, EACH YEAR, ONLY IMPROVING THE RETURNS FOR THE BUYER! WITH A LONG-TERM LEASE IN PLACE, WHICH WILL PAY THE OWNER A MINIMUM OF $90,000 ANNUALLY, A BUYER CAN COLLECT MONTHLY RENT FOR THE NEXT 5YEARS + WITHOUT LIFTING A FINGER! THE CURRENT TENANT IS RESPONSIBLE FOR ALL REPAIRS AND MAINTENANCE AT THE PROPERTY AS WELL AS ANY OTHER EXPENSES INCURRED AT THE PARK. THIS ALSO INCLUDES ALL PROPERTY TAXES AND PROPERTY INSURANCE, THROUGHOUT THE ENTIRE TERM OF THE LEASE! THIS GREAT HANDS-FREE INVESTMENT ONLY GETS BETTER AS THE ADDITIONAL LAND IN THE REAR AND TO THE LEFT OF THE CURRENT MOBILE HOME PADS HAS A GREAT OPPORTUNITY FOR FURTHER DEVELOPMENT. THE SITE IS VERY SPACIOUS AND COULD BE AN OPPORTUNITY TO ADD ADDITIONAL PADS AT THE PARK! ALL OF THE MOBILE HOMES ARE TENANT OWNED AT THE PROPERTY AND TENANTS SIMPLY DRIVE UP TO THE PADS TO RENT THEIR UNITS. THE INDIVIDUAL PARK TENANTS ARE RESPONSIBLE FOR ALL REPAIRS AND MAINTENANCE OF INDIVIDUAL HOMES, LEAVING THE OWNER, OR IN TENANT IN PLACE, ONLY LIABLE FOR MAINTAINING THE GROUNDS. THIS IS A HUGE PLUS FOR THE NEW OWNER AS THEY DO NOT HAVE TO WORRY ABOUT ALLOCATING A LARGE BUDGET TO CAPEX IN THE FUTURE AND WILL LIMIT THEIR OVERALL EXPENSE TOTALS NOW AND IN THE FUTURE!
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Multi-Family Space
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