9502 Clarence Street, Panama City Beach, FL 32407

Property Description

Rustic Beach Mobile Home and RV Park. Consists of 2 parcels, centrally located and a short drive to the Hathaway Bridge with easy access to both Panama City and Panama City Beach. The first parcel is 3.42 acres (Parcel ID: 27575-010-000) The second parcel is 0.422 acres (Parcel ID: 27575-000-000) and encompasses a 2,155 square foot single family residence. Total 3.842+/- acres. Here are the statistics for this rare property: Actual Annual Rental Revenue is $346,800 (actual monthly rent $28,900). Current Annual Net Operating Income is $271,642 with a Current Cap Rate of 9.21%. 28 total lots 26 occupied lots (only 2 vacancies). 16 park owned mobile homes (bill of sale on all 16 mobile homes will convey at closing). 3 tenant-owned mobile homes. Electricity is included in rent in 11 of the 26 mobile home lots. Additional income can be garnered by 1.) leasing the 2 vacant RV lots and 2.) revitalizing the laundry facility via cash/coin laundry machines. Try and duplicate a 3.842 acre parcel and fully develop it as a mobile home park and you will spend over a million dollars in development, permitting, and more importantly infrastructure (water, septic, utilities, site development, and road paving). This type of zoning, income, and public offering for an existing mobile home park like this doesn't exist in Panama City Beach in this type of capacity. You can go to Callaway for something similar, but not Panama City Beach where there is more appreciable growth. To duplicate this type of property ''on the beach'' is next to impossible with significant costs. Avoid all the development hassle, permitting, and site development costs and buy an existing mobile home park with proven rental income.