TAMPA, Fla., June 6, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Easy Living Mobile Home Park, an 86-space manufactured homes community located in Tampa, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $4,515,000.
Dan Mulkey, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Dan Mulkey.
“The Seller of Easy Living, who is a turn-around specialist, purchased the park in 2012. The park was in desperate need to renovation. The Seller cleaned up the park, removed most of the homes, then back filled the park with fully renovated used homes, leasing them to qualified families. The Buyer is a well-known national firm owning many parks in Florida and other states. The community will provide excellent returns for the Buyer now and in years to come,” said Mulkey.
Easy Living Mobile Home Park is located at 4943 East Hillsborough Avenue in Tampa, Fla. The property is a high-yield, stabilized mobile home rental community that has consistently demonstrated high demand in a tight housing market as evidenced by low vacancy levels and rental rates consistent with the surrounding market.
There are two established medical facilities within 10 miles of the property including Tampa General Hospital and St. Joseph’s Hospital. Downtown Tampa is eight miles away and Tampa International Airport is a short drive away being 14 miles from the property. The main campus of Erwin Technical College is located three miles away, Busch Gardens Tampa Bay is four miles away, Florida State Fairgrounds is three miles away and there is a bus transit/transfer center one mile from the property. In terms of proximity to Tampa’s path into progress, Easy Living is 2 miles from the Seminole Hard Rock Hotel & Casino and the 6,000 additional jobs created by the 15-story hotel tower expansion project which includes 564 new rooms, six new retail options, new restaurants, a 30,000 sq. ft. event center and 700 additional parking spaces. The project is expected to be completed in 2019.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.