Cloverport Mobile Home Park
7650 Highway 78 W, Okeechobee, FL 34974
Value-add mobile home park near Lake Okeechobee.
Type:Mobile Home Park
Lot size:
2.50 Acres- Added:
- Jul 24, 2024
- Days on Market:
- 678
- Last Refresh:
- May 12 at 10:34 pm
Property Features for 7650 Highway 78 W
General Information
- Standard status
- Active
- Lot size
- 2.50 Acres
- Property subtype
- Mobile Home Park
Building Details
- Year Built
- 1984
Listing agent Peter Dacko
Listing office Media Realty
Listing date Jul 24, 2024
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Media Realty
HighLights
- High In‑Place Cap Rate: 9.25% current capitalization rate provides immediate cash flow
- Value‑Add Potential: Six vacant pads offer significant upside through leasing or new mobile home installations
- New Mobile Homes: Five recently installed, rent‑generating mobile homes enhance cash flow and asset quality
- Strategic Location: Proximity to Lake Okeechobee, downtown Okeechobee, and the emerging Bass Pro Resort strengthens long‑term demand
- Reduced Asking Price: Aggressive price reduction creates a compelling entry point for investors
- Sub‑metered Utilities & On‑site Laundry: Sub‑metered public water and on‑site laundry facilities offer convenience and expense management
Overview
Cloverport Mobile Home Park presents a value-add investment opportunity with an in-place 9.25% capitalization rate and an estimated 11.0% capitalization rate based on stabilized income. The property is located minutes from Lake Okeechobee, the central business district, the Kissimmee River, and downtown Okeechobee, offering convenient access to dining, shopping, and employment centers. The park is also less than six miles from the emerging Bass Pro Resort. Cloverport consists of 27 mobile home pads and one CBS studio apartment, situated on over 2.5 acres with three points of ingress/egress. The park features sub-metered public water and septic, on-site laundry facilities, and annual leases. The unit mix includes 6 park-owned homes, 16 tenant-owned homes (lot rent only), and 6 vacant pads. Water expense is passed through to tenant-owned homes. Five new 560 square foot one-bedroom/one-bath mobile homes have been installed, each renting for $1,200 per month. The primary upside lies in leasing the six vacant pads or installing additional mobile homes at an estimated cost of $48,000 per unit, representing a total capital investment of approximately $348,000, with projected returns in the 11% capitalization rate range.
Location Intelligence
Current Use by Public Records
Mobile home & RV ...
Map
- City
- Okeechobee
- County
- Okeechobee
- State
- Florida
- Longitude
- -81.0725
- Latitude
- 27.1106
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FAQs
What type of property is this?
Mobile home & RV park - Value-add mobile home park near Lake Okeechobee.
Where is this mobile home & rv park located?
The property is located at 7650 Highway 78 W Okeechobee, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: High In‑Place Cap Rate: 9.25% current capitalization rate provides immediate cash flow; Value‑Add Potential: Six vacant pads offer significant upside through leasing or new mobile home installations; New Mobile Homes: Five recently installed, rent‑generating mobile homes enhance cash flow and asset quality
