TRADEWINDS MOBILE ESTATES COCOA, FL

The Tradewinds is a well maintained, age restricted park located on US 1 in Cocoa, FL, just minutes from the beautiful Atlantic Beaches and the Cape Kennedy Space Center. There are 68 rental units on 8 acres including 54 mobile home lots, 8 park-owned mobiles, 3
apartments and 11 RV spaces. The asking price has been recently been reduced to $1.65M. Occupancy and net operating income has remained vary stable for the past three years, at just under $180K, despite the bad economy. There are just 3 vacant mobile home lots. All of the park owned homes and apartment units are rented. The RV space rentals has not been aggressively pursued, however, park models could be placed and sold, rented or actively marketed to tourists. The current owner resides out of state and is selling to purchase a park near his home. Tradewind�s current management is very capable and experienced and would like to continue.

The park is serviced by municipal water and septic. The owner has made significant capital improvements in the park including upgrading the septic and electrical systems, road repaving, and apartment renovations. Maintenance is never deferred.

There is an assumable mortgage with approximately $790K and 27 years remaining on a 30 year amortized loan. The interest rate is fixed at 7% until 2017 and is then adjustable. The seller would be willing to hold a second mortgage to reduce the down payment required, however, the bank requires a minimum down payment of 30%. SBA or HUD financing could also be attainable.