7650 Hwy 78 W
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7650 Hwy 78 W
22 Unit Mobile Home Park $1,799,000 ($81,773/Unit) 7.21% Cap Rate Okeechobee, FL 34974
Investment Highlights
- Value-Add | Six Vacant Pads | Cap X - $58,000 p for Delivered and Installed Mobile Home $348,000 | Rents $1400/unit
- Less than 6 miles from the up-and-coming Bass Pro Resort.
- Located minutes from Lake Okeechobee, Kissimmee River and downtown Okeechobee with its dining and shopping
Executive Summary
New Price Adjustment. Cloverport mobile home park is located minutes from Lake Okeechobee, Kissimmee River and downtown Okeechobee with its dining and shopping, and less than 6 miles from the up-and-coming Bass Pro Resort.
Cloverport Mobile Home Park is a 27 lot/pad and one CBS studio apartment complex with laundry facilities rented on an annual basis. And sits on over 2.5 acres, with three entrances, sub-metered public water & septic.
6 units are park owned, 15 units are tenants owned (lot rent only), 1 unit is financed and there are 6 vacant pads. Water expense is passed through to the tenants owner mobile homes.
There are 5 brand 560 SF new mobile one bedroom/one bath homes recently delivered and installed, estimated to rent for $1400 per month. The value-add lies in leasing the 6 vacant pads or installing new MH's at a cost of approx. $58,000 per unit providing a 9.5%-10% cap rate with an investment estimated at $348,000.
Cloverport Mobile Home Park is a 27 lot/pad and one CBS studio apartment complex with laundry facilities rented on an annual basis. And sits on over 2.5 acres, with three entrances, sub-metered public water & septic.
6 units are park owned, 15 units are tenants owned (lot rent only), 1 unit is financed and there are 6 vacant pads. Water expense is passed through to the tenants owner mobile homes.
There are 5 brand 560 SF new mobile one bedroom/one bath homes recently delivered and installed, estimated to rent for $1400 per month. The value-add lies in leasing the 6 vacant pads or installing new MH's at a cost of approx. $58,000 per unit providing a 9.5%-10% cap rate with an investment estimated at $348,000.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$186,900
|
$18.23
|
| Other Income |
$7,800
|
$0.76
|
| Vacancy Loss |
$9,735
|
$0.95
|
| Effective Gross Income |
$184,965
|
$18.05
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$55,281
|
$5.39
|
| Net Operating Income |
$129,684
|
$12.65
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $186,900 |
| Annual Per SF | $18.23 |
| Other Income | |
|---|---|
| Annual | $7,800 |
| Annual Per SF | $0.76 |
| Vacancy Loss | |
|---|---|
| Annual | $9,735 |
| Annual Per SF | $0.95 |
| Effective Gross Income | |
|---|---|
| Annual | $184,965 |
| Annual Per SF | $18.05 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $55,281 |
| Annual Per SF | $5.39 |
| Net Operating Income | |
|---|---|
| Annual | $129,684 |
| Annual Per SF | $12.65 |
Property Facts
| Price | $1,799,000 | Apartment Style | Garden |
| Price Per Unit | $81,773 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.53 AC |
| Cap Rate | 7.21% | Building Size | 10,250 SF |
| No. Units | 22 | Average Occupancy | 80% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1984 |
| Price | $1,799,000 |
| Price Per Unit | $81,773 |
| Sale Type | Investment |
| Cap Rate | 7.21% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.53 AC |
| Building Size | 10,250 SF |
| Average Occupancy | 80% |
| No. Stories | 1 |
| Year Built | 1984 |
Unit Amenities
- Yard
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 21 | $925.00 | 560 |
| Studios | 1 | $1,200 | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $20,320 | |
| Land Assessment | $357,983 | Total Assessment | $378,303 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$357,983
Improvements Assessment
$20,320
Total Assessment
$378,303
zoning
| Zoning Code | RV/MH,PK LOT (RV/Mobile Home Parking Lot) |
| RV/MH,PK LOT (RV/Mobile Home Parking Lot) |
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7650 Hwy 78 W
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