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    Cloverport Mobile Home Park Investment Title is generated by Realmo AI

    7650 Highway 78 W, Okeechobee, FL 34974

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    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

    We can help!

    Listing Contact
    Peter Dacko

    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
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Peter Dacko
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    7650 Highway 78 W, Okeechobee, FL 34974
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