2655 Carroll StStuart, FL 34997

Property Details for 2655 Carroll St

Year built

1958

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Stuart

County

Martin

State

Florida

Latitude

27.1443

Longitude

-80.2187

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].