2800 Co RdElkton, FL 32033

Property Details for 2800 Co Rd

Lot size

7.14 AC

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 24-space RV park situated on a spacious 7.14-acre lot in Elkton, Florida, just minutes from historic St. Augustine. Currently operating at 88% occupancy, the park boasts 24 pads, including 10 park-owned mobile homes and 9 tenant-owned mobile homes. The property features a well and septic system, with four new septic tanks and a new drain field recently installed. Five park-owned mobile homes are currently being renovated and will be rent-ready upon closing. The park's current average rent per space is $683, and the average rent per unit is $1136. With only three vacant lots and one vacant mobile home, there's significant potential for increased revenue. The current annual utility bill exceeds $10,000, presenting an opportunity to install individual water meters for additional income. The property is offered at $1.7 million, with seller financing available to qualified buyers. A projected NOI of $141,000 is achievable with full occupancy, resulting in a 10.5% cap rate at the asking price. This Class B property presents a strong return on investment with significant upside potential. The seller is offering flexible financing terms, making this an attractive opportunity for both experienced and emerging investors. The property is a fee-simple ownership.

Location Insight

City

Elkton

County

St Johns

State

Florida

Latitude

29.7791

Longitude

-81.4847

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