Oakwoods MHC 290 Ada Ct

Marcus & Millichap is pleased to present Oakwoods Manufactured Housing Community, a value-add investment with 75 units and
strong upside in filling vacant lots and raising below market rents to market.
The community is centrally located in Tallahassee, FL. Tallahassee is the capital of Florida and is home to Florida State University, both of which are the top two employers in the city. The Tallahassee, FL MSA has over 382,000+ people living there, providing a well-trained and diversified population that enhances the area’s diverse employment base.
Oakwoods is located near Downtown Tallahassee, and is less than 5 miles from Florida State University, the Florida State Capitol, Florida A&M University, state agency headquarters such as the Florida Department of Transportation, and major hospitals such as Tallahassee Memorial Hospital and the Veterans Administration Hospital. The property is close to schools, shopping, parks, and recreation. There are 75 total manufactured home lots, all of which can accommodate full-sized manufactured homes. 46 of the 75 lots are currently occupied (61% occupancy). The occupancy status of the 75 lots is as follows:
• 34 occupied tenant-owned manufactured homes (TOH)
• 11 occupied tenant-owned RVs on full-size manufactured home lots
• 1 occupied park owned home (POH)
• 4 vacant manufactured homes in the set-up process
• 25 vacant lots
There is strong housing demand in this market, and the current owner has filled vacant lots with RVs by converting the existing manufactured housing electrical hook-ups to RV hook-ups. A new owner can significantly raise the property’s NOI by bringing RVs or manufactured homes onto the 24 vacant lots.
Oakwoods MHC is serviced by public water, a private septic sewer system, and trash bin at every lot. Currently, tenants pay for trash and water, and septic sewer is included in rent. The roads are paved. The park is not affected by a flood zone and is not in an opportunity zone.
With 61% occupancy, below-market rents and a substantial infill opportunity, this property presents a compelling investment opportunity in Florida’s capital city. We are asking investors to submit their best offers, as no pricing guidance will be given. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.