7650 Hwy 78Okeechobee, FL 34974

Property Details for 7650 Hwy 78

Year built

1984

Lot size

2.50 AC

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional 2.5-acre RV park in Okeechobee, Florida, presents a compelling investment opportunity. Located just minutes from Lake Okeechobee, the Kissimmee River, and downtown Okeechobee's amenities, and less than six miles from the developing Bass Pro Resort, this property boasts 28 pads, including 27 lots and one concrete block studio apartment. The park features laundry facilities and is conveniently situated with three entrances. Utilities are managed efficiently with sub-metered public water and septic. Currently, six units are park-owned, fifteen are tenant-owned (lot rent only), one is financed, and six pads remain vacant. Water expenses are passed through to tenants owning mobile homes. Five brand-new, 560-square-foot, one-bedroom, one-bathroom mobile homes have recently been installed, projected to rent for $1,400 per month. The property's significant value-add potential lies in leasing the vacant pads or installing additional mobile homes at an estimated cost of $58,000 per unit. This presents a strong opportunity for increased revenue and a projected 9.5%-10% capitalization rate with an estimated investment of $348,000. The property is zoned Residential Rural and was built in 1984. The asking price for this established and expandable RV park is $1,890,000. The property's APN is 1-08-38-35-0A00-00017-0000 (27362).

Location Insight

City

Okeechobee

County

Okeechobee

State

Florida

Latitude

27.1731

Longitude

-80.8558

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