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Lake Harper Villas MHC 410 NW Ridgewood Ave 69 Unit Mobile Home Park $4,100,000 ($59,420/Unit) 6.50% Cap Rate Lake City, FL 32055
INVESTMENT HIGHLIGHTS
- Lake Harper Villas is a 69-unit lakefront manufactured housing community located in Lake City, Florida.
- Strategically positioned near I-75 and I-10, offering excellent access to Florida’s key transportation routes.
- Community features a mix of single-wide and double-wide homes on spacious lots.
- The property is 98% occupied, with one unit under renovation and expected to be leased by closing.
- Under the same ownership and management for nearly 20 years, ensuring operational stability.
- All units are served by direct-billed city utilities, simplifying management and billing.
EXECUTIVE SUMMARY
ComReal is pleased to exclusively offer for sale Lake Harper Villas MHC, a well-maintained lakefront manufactured housing community located in Lake City, Florida.
The property features 69 units and is currently 98% occupied, with one home undergoing renovation that will be completed and leased by closing. Lake City, known as the “Gateway to Florida,” offers a strategic location with convenient access to both downtown and the major highways I-75 and I-10, two of Florida’s key transportation corridors.
Lake Harper Villas has been under the same ownership and management for nearly 20 years. During this time, the owner has carefully screened and maintained a stable tenant base while keeping lot rents below market at $395 per month. Vacancies are rare. When they do occur, units are quickly renovated and re-leased, benefiting from strong demand and a steady stream of qualified applicants.
The community consists of a mix of well-maintained single-wide and double-wide homes situated on large lots. Of the 69 homes, 22 are park-owned and 47 are tenant-owned. All homes are served by direct-billed city utilities.
This is a rare opportunity to acquire a stabilized, income-producing asset with a proven operational history and significant upside potential through rent growth.
The property features 69 units and is currently 98% occupied, with one home undergoing renovation that will be completed and leased by closing. Lake City, known as the “Gateway to Florida,” offers a strategic location with convenient access to both downtown and the major highways I-75 and I-10, two of Florida’s key transportation corridors.
Lake Harper Villas has been under the same ownership and management for nearly 20 years. During this time, the owner has carefully screened and maintained a stable tenant base while keeping lot rents below market at $395 per month. Vacancies are rare. When they do occur, units are quickly renovated and re-leased, benefiting from strong demand and a steady stream of qualified applicants.
The community consists of a mix of well-maintained single-wide and double-wide homes situated on large lots. Of the 69 homes, 22 are park-owned and 47 are tenant-owned. All homes are served by direct-billed city utilities.
This is a rare opportunity to acquire a stabilized, income-producing asset with a proven operational history and significant upside potential through rent growth.
PROPERTY FACTS
| Price | $4,100,000 | Property Subtype | Manufactured Housing/Mobile Home |
| Price Per Unit | $59,420 | Building Class | C |
| Sale Type | Investment | Lot Size | 21.85 AC |
| Cap Rate | 6.50% | Building Size | 200,000 SF |
| No. Units | 69 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1940 |
| Zoning | RSF-1 - RSF-1 zoning allows single-family homes on standard-sized lots, promoting low-density residential development. | ||
| Price | $4,100,000 |
| Price Per Unit | $59,420 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 69 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | C |
| Lot Size | 21.85 AC |
| Building Size | 200,000 SF |
| No. Stories | 1 |
| Year Built | 1940 |
| Zoning | RSF-1 - RSF-1 zoning allows single-family homes on standard-sized lots, promoting low-density residential development. |