For Sale
$1,800,000

2655 Carroll StStuart, FL 34997

Florida RV Park: High Growth Potential

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 23-pad RV park in Stuart, Florida presents a compelling value-add opportunity. Priced at $1,800,000, this Class B property boasts a current NOI of $113,922 and a 6.33% cap rate, with a pro-forma NOI projected at $158,302 and a 9.00% pro-forma cap rate. Built in 1958, the park currently enjoys 91% occupancy. The property comprises 23 units, including 6 apartment units averaging $1,006 monthly rent, 7 lot renters averaging $679 monthly, and 8 occupied park-owned homes averaging $714 monthly. Two vacant lots are ready for development, offering immediate upside potential. The current rents are significantly below market rates, providing a clear path to increased profitability by raising rents to market levels. Additionally, selling the park-owned homes will reduce maintenance costs and lower the overall cost basis. Located less than 10 minutes from downtown Stuart, this property benefits from a rapidly growing population, rising rents, and increasing home values in a highly desirable area. The potential for expansion or addition of other real estate types, such as storage units, warrants further investigation. The property's APN is 5238410000000130000. The price per pad is $78,261.

Highlights

  • Significant rental upside potential due to below-market rents.
  • Opportunity to increase profitability by selling park-owned homes, reducing maintenance and cost basis.
  • Two ready-to-lease developed lots.
  • Potential for expansion onto vacant land, subject to city approvals, for additional revenue streams (e.g., storage units).
  • High-growth location in Stuart, FL, benefiting from population growth, rising rents, and strong demand for affordable housing.

Property Details for 2655 Carroll St

Property type
Mobile home & RV parks, Campgrounds
Class
B
Year Built
1958
Units
23

Location Insight

City
Stuart
County
Martin
State
Florida
Latitude
27.14425454762
Longitude
-80.218651701283
2655 Carroll St, Stuart, Florida

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2655 Carroll St
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