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4200 E Highway 390, Panama City, FL

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4200 E Highway 390

Panama City, FL 32404-9775


Property Type:Multi-Family Number of Units:49 Status:Existing Year Built:1998
Stories:1 Building Size:12,926 SF Land Area:7 AC (304,920 SF)
For Sale Price:$850,000 Price/Unit:$17,346.94 Cap Rate:10.00 % GRM:-

Parking:-


Seller financing with $400k downpayment for this on-going and stabilized business known as Ammons RV & Mobile Home Park. The park consist of (7) acres with highway frontage, (14) park owned homes, (35) RV spaces with longterm tenants, (45) travel home/storage rentals, (1) Doublewide Manufactured Home that seller lives in and (1) small frame rental home. The park's gross income for 2012 was over $190,000 while average expenses ran approximately $60,000 yr. The park has 11 septic systems and is on county water with individual electric meters for each space. Seller will disclose all financial history during due diligence period while under contract. All info and measurements are deemed reliable please verify for accuracy.
The park is well located several new residential developmenents. Directly across the highway from the park there is going to be a new Charter Elementary & High School

Sale Notes:
Solid Investment opportunity with strong cash flow for Ammons RV & Mobile home park located in a excellent growth area directly across from the newly constructed Bay Haven Charter school and Horton Homes new subdivision. The park consist of (35) RV sites, (14) park owned homes, 45 travel home & boat storage rentals, laundry & bath building, small frame home & 1800 SF double wide in which the owner resides. The park has average yearly gross rents of $180-190k, yearly expenses run approximately $55-60k, net yearly income approximately $120,000. There is some undeveloped land for park expansion. The park is zoned Commerical-3 which makes it ideal for future redevelopment as this part of 390 East continues to expand with new development. Park has public water & (11) septic systems. RV sites average rent is $350 per month, landlord pays all utilities. Mobile homes are individually metered for electricity in which the tenant pays. Seller states these are accurate income & expense figures for buyer to make offer, seller will provide actual historical (3) year income & expenses during due diligence period. Seller may divide. All information deemed reliable, please verify for accuracy
Excellent location off Hwy 390 East directly across from new Bay Haven Charter school and Horton Homes Subdivision.

Counts Real Estate Group Inc
Scott Helms
(850) 249-3629




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