The Morgan Group Acquires Mobile Home Park In Fort Lauderdale For $10M
SOLD
$10,000,000
Florida
See Similar DealsOther479,160 SF
Sold 01/29/2020
SOLD
The Morgan Group Acquires Mobile Home Park In Fort Lauderdale For $10M
440 Southwest 27th Avenue, Fort Lauderdale, FL, USA
See Similar DealsOther479,160 SF
Sold 01/29/2020
Summary
FLORIDA
Asset Type:Other
Price Per Square Foot:$20
Total Square Footage:479,160 SF
Transaction Type:Sale
A mobile home park in Fort Lauderdale has been sold for $10,000,000. The property, located at 440 Southwest 27th Avenue, spans an area of 479,160 square feet and consists of 110 units. The sale price equates to approximately $109 per square foot, with a per-unit price of $90,909.
Summary of transaction details:
- Property Type: Mobile home park
- Transaction Amount: $10,000,000
- Address: 440 Southwest 27th Avenue
- Market: Fort Lauderdale
- Square Footage: 479,160
- Price per Square Foot: $109
- Units: 110
- Price per Unit: $90,909
The Morgan Group, represented by Michael Morgan, acquired the property from The Clarkson-Bergman Family Partnership. The transaction was facilitated by Chris Conklin of Walker & Dunlop.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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