RV Park/Campground Details

Purchase Method: Cash, Seller Financing, New Loan
Cap Rate: 9.6%
Listing ID: 1311874
Posted On: Aug 24, 2020
Updated On: May 29, 2021

Description

Financial Overview:
Purchase Price: $1,800,000
NOI: $172,440
CAP Rate: 9.6%

Investment Highlights:
• Multi-unit, waterfront residential RV and mobile home park
• 34 total rent-able units (26 total lots, 5 cabin units, 3 SFH)
• 9 rent-able boat slips
• Value add potential through CapEx, rent raises, and additional rental income

Recommended Business Plan:
• Bring park to 100% occupancy
• Repair and update existing boat slips and dock to generate additional rental revenue
• Update structural components of SFR, cost estimate $30k
• Establish bait and tackle shop to increase overall park revenue
• $630,937 value add potential ($60,570 NOI increase at 9.6% CAP rate)
*not including boat slip or bait shop income

Location

Cross Creek Village MH/RV/Tiny House Park is located directly on Haynes Creek in Lake County FL, right at the center of one of the most desirable freshwater fishing and boating destinations in the Southeast, the Harris Chain of Lakes. The four primary lakes: Lake Griffin, Lake Eustis, Lake Harris and Lake Dora are well known for bass and crappie fishing, water sports, lakeside eateries, seaplane ports and access to historic shopping and dining areas.