Atlantic Mobile Home Park & Apartments

• Lease-Up of Units Under Renovation – Three apartment units are currently being remodeled. Bringing them online at the in-place rent of $480 adds about $17,280 in annual income.
• Fill Vacant Units – Three apartment spaces sit vacant today. Leasing them at $480 adds another $17,280 a year.
• Convert Non-Income Space – Two shop spaces produce no rent. Converting them to rentable units could add about $11,520 a year.
• Below-Market Rents – Trailer rents range from $450 to $600, and apartments rent at $480, well below typical Jacksonville rents. Bringing the four lowest trailer rents up to $580 adds $4,440, with meaningful additional upside from modest increases across the property.
• Utility Bill-Back Opportunity – The owner currently pays about $17,800 a year in water. A RUBS or submetering program could recover most of that and flow it directly to NOI.
• Home Sales or Lot-Rent Conversion – Park-owned homes drive most repair and supply costs (over $15,000 last year). Selling homes to residents and converting to lot rent would reduce expenses and create a lower-management asset.
• Military-Driven Demand – Located in Jacksonville, home to Camp Lejeune, which supports steady workforce and military housing demand.
• Outside City Limits – The property pays county tax only, with no City of Jacksonville tax.
• Low Flood Risk – Located in a 500-year flood zone, outside the high-risk floodplain, so flood insurance is generally not lender-required.
• Public Water and Multifamily Zoning – Served by public water and zoned RMF-LD, which supports residential density.