This property is being offered through Online Auction at www.FRE.com/3151
MINIMUM BID: $1,799,000
BID DEADLINE: October 13th, 2011

BANK OWNED RV PARK - 69 Pads, Panama City Beach, Florida

Property has direct access to Gulf of Mexico. Last 3 month annualized NOI: $312,000.

The subject property consists of 5.33± Acres of level Seasonal Resort-Commercial zoned land improved with Sixty-Nine (69) RV Pad Sites. Of the Sixty-Nine (69) pad sites, fourteen (14) are ‘pull through’ sites which do not require the RV owner to back into the pad site. Additional improvements include an internal brick paved roadway, a two-story 5,528± SF common area building consisting of three condominium units, management office, laundry facility, fitness facility, and men’s and women’s restroom facilities. The site also contains a heated pool, as well as perimeter fencing with gated access. Each site offers 50 and 30 amp electrical service, and water and sewer hookups. All utilities are underground.

After foreclosure the Bank procured a Property Management company which currently manages the park. The occupancy rate has been increasing monthly and the park is cash-flowing nicely. Profit & Loss Report and Income & Expense Report can be viewed in the "Documents" section.

Income per pad was 6200 vs. the average of around 3000 in FL; producing over double the state average. The site is a transient, daily-weekly stay park with a year round season, helping its revenue capability.