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356 Bayhead Drive - Bayhead MHP, Tallahassee, FL

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356 Bayhead Drive - Bayhead MHP

Tallahassee, FL 32304-8337 - Outer Campus Area MF Submarket

Property Type:Multi-Family Number of Units:239 Status:Existing Year Built:1975
Stories:1 Building Size:186,420 SF Land Area:33.5 AC (1,459,260 SF)
For Sale Price:For Sale Price/Unit:- Cap Rate:- GRM:-

Parking:6.77 Parking Spaces / 1,000 SF

Located less than two miles from Capital Circle NW on Tennessee Street, Bayhead enjoys convenient access to Interstate 10, Highway 90, Blountstown Highway, the region’s three primary universities, downtown Tallahassee, the Tallahassee Regional Airport, and numerous shopping and recreational choices.

Downtown Tallahassee, which offices the majority of the state government, is approximately seven miles east of Bayhead. The entire submarket consists of 21 million square feet of office space.

There are approximately 215,000 jobs in the four-county region that comprises the Tallahassee MSA, with the highest concentrations in the government, education, and professional sectors.
The state government is Tallahassee’s largest employer, with a workforce of more than 30,000 occupying more than 6 million square feet of office space. Tallahassee also boasts a high number of university and research jobs as well as strong professional and financial opportunities.

Florida State University, the fifth largest of Florida’s 11 state universities, is located five miles east of Bayhead. The university has a current enrollment of 40,000 students and employs more than 6,100 people, making it the second largest employer in the Tallahassee MSA.
Bayhead is located eight miles northwest of Florida A&M University and four miles northwest of Tallahassee Community College, which collectively serve approximately 27,000 students annually.

The Governor’s Square Mall, a one million square foot indoor shopping mall is located approximately nine miles east of Bayhead. The mall draws significant regional interest with more than 140 retailers including major tenants such as Dillard’s, JCPenney, Macy’s, Sears, Coach, among others.

The Tallahassee Mall, located approximately seven miles northeast of Bayhead, is a 747,000 square foot shopping mall containing major tenants such as Belk, Barnes & Noble, Sports Authority, AMC Cinemas 27, and over 90 specialty shops.

Sale Notes:
- Rare opportunity to acquire a community larger than 200 sites in a MSA with over 360,000 population.
- Park was full at one point with former owner, but as the market required them to get involved in the home business they resisted and lost most tenants. New owner purchased in 2015 and has recently brought in 10 homes, of which 7 are currently rented for $875 per month ($374 lot rent plus $501 home rent).
- Once park achieves higher occupancy it should qualify for an attractive, non-recourse loan at historically low rates.
- Municipal water and sewer service are already in place at the community.
- Irreplaceable zoning and attractive, curvilinear layout with lower density that should accommodate newer homes.
- Owner has converted 25 sites to accommodate RVs in order to increase cash flow and cater to demand for transient and seasonal stays. An additional 7 RV sites for a total of 32 are planned for the near future. This may be an attractive value-add strategy going forward.

ARA Newmark
Andrew Shih
(512) 342-8100 x58

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