THE PANAMA CITY MOBILE HOME PARK IS A 24-PAD MOBILE HOME PARK LOCATED JUST IN PANAMA CITY, FLORIDA. THE PARK SITS MINUTES FROM THE GULF OF MEXICO AND PANAMA CITY BEACH! THE PARK HAS BEEN IN OPERATION FOR OVER 10 YEARS AND ALL MOBILE HOMES ARE TENANT OWNED. THIS 3.27-ACRE PARK IS IN FANTASTIC CONDITION WITH RECENT UPGRADES TO THE GROUNDS, AND ALL TENANTS ARE ON LOT LEASES! 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 $12,750 PER MONTH INITIALLY AND ONLY INCREASE OVERTIME! THE SELLER IS OFFERING AMAZING SELLER FINANCING, MAKING THIS DEAL EVEN BETTER (SEE PAGE 5)! 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 8.4% AND AN AMAZING CASH-ON-CASH RETURN OF OVER 18%! THIS ONLY GETS BETTER AS THE NNN LEASE WILL INCREASE EACH YEAR! A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 9% AND A CASH-ON-CASH RETURN OF OVER 20% BY EARLY 2023! THIS WILL RISE TO A CAP RATE OF OVER 10% in 2026 MAKING THIS ONE OF THE BEST VALUE ADD OPPORTUNITIES IN ALL OF FLORIDA! DOWN PAYMENT: $750,000! INTEREST-ONLY PAYMENTS BALLOON LENGTH: 7- YEARS NO PRE-PAYMENT PENALTY (PAY OFF LOAN AT ANY TIME WITHOUT PENALTY) YEARS 1-2: FIXED INTEREST RATE: 2% MONTHLY PAYMENT: $1,833 YEARS 3-7: FIXED INTEREST RATE: 9% MONTHLY PAYMENT: $8,250 THIS ONE-OF-A-KIND OPPORTUNITY IS PERFECT FOR AN INVESTOR LOOKING FOR CONSISTENT MONTHLY INCOME AND CASH FLOW IN FLORIDA. AT CLOSING, THE TENANT WILL SIGN A BRAND NEW 5-YEAR NNN LEASE STARTING WITH MONTHLY PAYMENTS OF $12,750. 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 $153,000 ANNUALLY, A BUYER CAN COLLECT MONTHLY RENT FOR THE NEXT 5 YEARS + 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. SINCE THE LEASE IS PURE NNN, THE MANAGER WILL ALSO BE RESPONSIBLE FOR ALL TAXES AT THE PROPERTY, WHILE THE BUYER WILL BE RESPONSIBLE TO OBTAIN THEIR OWN PROPERTY INSURANCE, THROUGHOUT THE ENTIRE TERM OF THE LEASE! 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 (WITH THE NNN LEASE), AND ONLY LIABLE FOR MAINTAINING THE GROUNDS. THE PARK RUNS ON CITY WATER AND CITY SEWER AND PAD TENANTS ARE RESPONSIBLE FOR THEIR ORW UTILITIES! THIS IS A HUGE PLUS FOR THE NEW OWNER AS THEY DO NOT HAVE TO WORRY ABOUT ALLOCATING A LARGE BUDGET TO CAPEX REPAIRS IN THE FUTURE AND WILL LIMIT THEIR OVERALL EXPENSE TOTALS NOW AND IN THE FUTURE! SINCE THE TENANT OWN THEIR OWN UNITS, ALL THE OWNER IS RESPONSIBLE FOR IS THE INDIVIDUAL PADS. THE TENANTS ARE RESPONSIBLE FOR ALL-ELECTRIC, WATER, SEWER, LAWN CARE, AND ALL OTHER EXPENSES.
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