Cloverport Mobile Home Park
For Sale
Contact for pricing
7650 Highway 78 W, Okeechobee, FL 34974
Value-add mobile home park near Lake Okeechobee.
Property SizeContact for details
Lot Size2.50 Acres
Days on Market772
Property Features for 7650 Highway 78 W
General Information
Standard status
Active
Lot size
2.50 Acres
Property subtype
Mobile Home Park
Zoning
Residential Rural
Occupancy
80%
Net Operating Income
$124,917
Building Details
Year Built
1984
Units
28
Listing Agency:
Media Realty
Listed By:
Peter Dacko · License #0600065
(954) 923-2325
Source:
Crexi
Added: Jul 24, 2024
Changed: Sep 2
Last Checked: Sep 1 at 7:27PM
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
Investment Insights
Based on property information with market context.
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.
Key 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
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
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Business Placement
Demographics for 34974, FL
23,699
Population
13,850
Households
1.7
Avg Household Size
50
Median Age
16%
College-Educated
83%
High-School Grad
376.7 sq mi
ZIP Area
63
Density / Sq Mi
$50,671
Median Household Income
$36,000
Median Earnings
$958
Median Rent
$162,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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
