7650 Hwy 78 Okeechobee, FL 34971
- Multifamily properties
- 2.50 lot acres
Current Use by Public Records
- Multifamily properties
Property Details for 7650 Hwy 78
- Year built
- 1984
- Lot size
- 2.50 lot acres
- Property type
- Multifamily properties
Description
This exceptional investment opportunity presents a 27-lot mobile home park situated on over 2.5 acres in Okeechobee, Florida. Conveniently located minutes from Lake Okeechobee, the Kissimmee River, and downtown Okeechobee's amenities, this property also enjoys proximity to the developing Bass Pro Resort (less than 6 miles). The park comprises 27 lots/pads and a single concrete block studio apartment, complete with laundry facilities. Six units are owner-occupied, fifteen units are tenant-owned (lot rent only), and one unit is currently financed. Importantly, there are six vacant pads ready for development. The property features three convenient entrances and utilizes sub-metered public water and septic systems. Five brand-new, one-bedroom, one-bathroom mobile homes have recently been installed and are projected to rent for $1400 per month. A significant value-add potential exists through leasing the six vacant pads or constructing additional mobile homes at an estimated cost of $58,000 per unit. This presents a compelling investment prospect with a projected 9.5%-10% capitalization rate, requiring an estimated investment of $348,000 to fully realize its potential. The property is offered at $1,799,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Okeechobee
- County
- Okeechobee
- State
- Florida
- Longitude
- -81.0769
- Latitude
- 26.9961
