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2785 S Byron Butler Pkwy, Perry, FL, 32348

2785 S Byron Butler Pkwy

$725,000

Key Information

Cap Rate
28.96%
Proforma Cap
7.14%
Lot Size
9.5 Acres
Units
52
Year Built
1957
Type
Manufactured Housing
Occupancy
25%
NOI
$12,822

Highlights

• Deep Value-Add / Lease-Up Play Only 13 of 52 buildable pads currently occupied. Infrastructure (roads, pads, utilities) already in place, no ground-up development required.
• Significant NOI Upside Market NOI potential of $209,961 once fully leased, a 292% increase in Gross Rent Upside over current in-place income.
• Low Basis Entry $725,000 asking, $13,942 per pad, below replacement cost for comparable new pad infrastructure.
• Diversified Income Streams On-site laundry facility plus an existing single-family home on-site currently rented at $1,000/mo.
• High Local Housing Demand for Manufactured Product Over a third of Taylor County’s housing stock is manufactured/prefab, well above the state average, indicating durable local demand for this product type independent of any one weather event.
• In-Place, Below-Market Rents Current $500/lot rent is consistent with area comps (~$450/mo), leaving room to push rents as new units are placed and the park stabilizes.

Photos

Location

Agents

Broker of Record

Kyle Matthews

License # BK3554632, CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203