Bank Owned Investment Property - Summerland Key, Florida

Every now and then I get a phone call or an email from a potential buyer who has had a persistent dream of buying a place in Key West that he or she or they could operate as an investment. The goal is give that potential buyer the reason to move here and have a place to go to that could turn a profit. With the rate of return banks are offering in today's diluted economy, making a profit on just about any non-risk investment ought to provide a greater rate of return. Preferred Properties is the listing brokerage for a Bank Owned Trailer Park located on Summerland Key, just 29 miles east of Key West. The listing Realtor describes the property as:

"The Summerland Palms Trailer Park fronts US1 with easy highway access. The parcel consists of 21 condominium sites for monthly rental plus an on site laundry and sewer treatment plant. The well maintained property is approx. 39,328 sq. feet and has an annual income of appx. $170,000. There is potential for on site building, redevelopment and/or future use of building rights off site. A full package is available."

Summerland Palms is a trailer condominium where all of the lot spaces (except one) are owned by a single owner, the Seller. The Seller leases the 21 spaces to the individual trailer owners who pay monthly rent. There is a common laundry facility that also generates income. The combined projected gross income is $170,000. According to the listing agent, this investment would generate about a 6% return on investment.

Coin operated laundry for extra cash income

Click GOOGLE MAP for an aerial view of the location. You will note the trailer park sits off highway US1 behind what is called Flagship Drive, or on the Gulf Side of the highway at Mile Marker 29.


CLICK HERE to view the Key West mls datasheet and to view lots of listing photos. The asking price on this Bank Owned Property has been reduced to  $1,100,000. Please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com so that I can send you the listing information package on this property. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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