Richmond Village Mobile Home Park
7.52 Cap Rate | City Water | Light Value Add
Marketing description
The MHP Value Team is pleased to present Richmond Village MHP, a 16-site, park-owned home community located in Gibsonton, FL, just minutes from Downtown Tampa within the rapidly growing Tampa, Florida MSA.
Richmond Village presents investors with a compelling light value-add opportunity, featuring 13 occupied homes, 2 vacant park-owned homes ready for light rehabilitation, and 1 vacant lot, providing immediate upside through lease-up and operational improvements. The community is already generating approximately $90,263 in NOI, while offering investors the ability to increase cash flow through modest capital improvements and strategic management initiatives.
The investment strategy centers on rehabbing the two vacant homes, implementing professional management practices, modernizing operations, and gradually increasing below-market rents toward market levels. Unlike heavy turnaround projects, Richmond Village offers an opportunity to create meaningful value without significant redevelopment or infrastructure risk.
An incoming investor has the opportunity to acquire a stable, cash-flowing community in one of Florida's strongest growth markets, with substantial embedded upside through operational efficiencies, lease-up, and rent expansion, resulting in projected double-digit cash-on-cash returns and significant long-term value creation
Investment highlights
- Day-One Cash Flow – Richmond Village is already producing an NOI of $90,263, delivering investors a strong 7.62% cash-on-cash return from the moment of acquisition.
- Significant Rent Upside – With Park-Owned Home rents averaging $999/m and currently sitting below market, there is a clear, low-risk path to driving additional income simply by gradually pushing rents to market rate.
- Operational Upside – The community stands to benefit significantly from improved day-to-day management, offering an incoming investor the ability to boost performance through better execution rather than costly capital improvements.
- Projected IRR - driven by progressive rent increases and infill of vacant units along operation improvements over the hold period stabilizes an exit north of 26% IRR
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