Multi-Family Space For Lease @ 405 Hillside Dr

THE HILLSIDE MOBILE HOME PARK IS A 25-UNIT MOBILE HOME PARK LOCATED IN TAMPA, FL. THE PARK CONSISTS OF 25 RECENTLY UPDATED MOBILE HOMES, ALL OF WHICH ARE LOCATED WITHIN A 3-MILE RADIUS. THE PARK HAS BEEN IN OPERATION FOR OVER 15 YEARS AND IS CURRENTLY 100% OCCUPIED. ALL UNITS HAVE BEEN RENOVATED IN THE LAST 3 YEARS AND PRODUCE SOME OF THE BEST RETURNS YOU WILL FIND IN THE TAMPA MARKET!

THE BEST PART OF THIS SALE IS THAT THE SELLER IS WILLING TO PROVIDE SELLER FINANCING AT AMAZING TERMS. (PLEASE SEE PAGE 5 FOR FULL SELLER FINANCING DETAILS). THESE TERMS ALONG WITH THE RENTAL INCREASES AVAILABLE TO THE BUYER WILL EASILY PRODUCE A CASH-ON-CASH RETURN OF OVER 25% IN 2021!

THE PROPERTY CONSISTS OF SEVERELY UNDER MARKET RENTAL RATES FOR THE AREA, MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR THE BUYER. ALL TENANTS ARE CURRENTLY ON YEARLY LEASES AND ALMOST 65% OF THE LEASES WILL EXPIRE WITHIN THE NEXT 6-8 MONTHS. CREATING THE PERFECT OPPORTUNITY FOR THE BUYER TO INCREASE THE RENTAL RATES OF THE SHORT-TERM LEASES. WHILE MAINTAINING THE OTHER LEASES FOR SECURITY. THE CURRENT RENTAL RATES ARE APPROXIMATELY $100-$200 LOWER THAN THE AVERAGE RENTAL RATE IN THIS RAPIDLY GROWING AREA. THEREBY GIVING THE BUYER MASSIVE UPSIDE, AS THEY WILL BE ABLE TO INCREMENTALLY RAISE THE RENTAL RATES OF THE UNITS AND THEIR RETURNS!

PRESENTLY, THE HILLSIDE MOBILE HOME PARK HAS AN IN-PLACE CAP RATE OF OVER 9% AND A CASH-ON-CASH RETURN OF OVER 22%. NOT ONLY IS THIS A FANTASTIC RETURN, TO BEGIN WITH, IT ONLY GETS BETTER, AS THE BUYER CAN INCREASE THESE RENTAL RATES IMMEDIATELY. FURTHERMORE, BY USING THE SELLER FINANCING TERMS THE BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 25% IN EARLY 2021!
SELLER FINANCING APPROXIMATE TERMS:

DOWN PAYMENT:

20%-25%

OR

$500,000-$534,000

FIXED INTEREST RATE: 4.5%

INTEREST ONLY PAYMENTS OR

AN AMORTIZATION OF 30-YEARS

BALLOON LENGTH: 5-YEARS

MONTHLY DEBT SERVICE AS LOW AS $6,108

THE BEST PART OF THIS SALE IS THAT THE SELLER IS OFFERING AMAZING SELLER FINANCING TERMS! THE SELLER IS OFFERING THE FOLLOWING TERMS: 20%-25% DOWN PAYMENT, 4.5% FIXED INTEREST RATE, AMORTIZED OVER 30-YEARS/ OR INTEREST ONLY PAYMENTS, WITH A 5-YEAR BALLOON. THESE TERMS, ALONG WITH THE RENTAL RATE INCREASES AVAILABLE TO THE BUYER WILL EASILY PRODUCE A CASH-ON-CASH RETURN OF APPROXIMATELY 25% BY THE END OF 2021! This space offers accomodations for: mobile home park.