Spring Lake MHP

Lake Wales, Florida

Property overview

Spring Lake is an all-age, family community in Lake Wales, voted the 'Friendliest Small Town in Florida'. Its cultural and recreational attractions, charming shops, and restaurants make the Lake Wales area a great place to live. Spring Lake is conveniently located approximately five miles from Historic Downtown Lake Wales, where residents can take advantage of numerous amenities and attractions including the world-renowned Bok Bell Tower, walking trails around Lake Wales and more.

Spring Lake Park is an all-age community consisting of 32 mobile home sites with current occupancy of 29 resident owned homes along with 4 apartments. The site rents are $340 with only one at $375 and the average rental rate for the 4 apartments is $550. The residents enjoy a community clubhouse, lake, and the location is in close proximity to shopping, jobs, and multiple highways. The community is situated on 6.3 acres +/- and has a well and septic tanks for the utilities.

Spring Lake MHP
3731 State Road 60 E
Lake Wales, Florida 33853

For detailed information on this property please contact: Christopher Nortley (586) 884-8416.

Property Summary

Total Sites32
Year Constructed1965
Land (Acres) +6.3
Occupied Sites29
Vacant Sites3
Occupancy91%
Average Rent/Site$341
PRIMARY USEMHP
PROPERTY TYPEFamily
STAR CLASSIFICATION2.5
WATERPrivate Well
SEWERSeptic
WATER METER TYPEN/A
SEWER METER TYPEN/A

OFFERING SUMMARY

Community Price$1,200,000
Community Owned Homes & Notes$0
Total Investment$1,200,000
Price per Site$37,500
Price Occupied per Site$41,379
Cap Rate (Without Reserves)7.09%