7650 Hwy 78 Okeechobee, FL 34971

Property Details for 7650 Hwy 78

Year built

1984

Lot size

2.50 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 27-lot mobile home park and a one-unit concrete block studio apartment complex situated on over 2.5 acres in Okeechobee, Florida. Conveniently located minutes from Lake Okeechobee, the Kissimmee River, and Okeechobee's downtown area with its diverse dining and shopping options, this property also enjoys proximity to the developing Bass Pro Resort (less than 6 miles away). The park features three convenient entrances for ease of access. The property includes 6 park-owned units, 15 tenant-owned units (lot rent only), and one unit currently under financing. There are also 6 vacant pads ready for development. Public water and septic are in place and sub-metered. Adding to its appeal, five brand-new, one-bedroom, one-bathroom mobile homes have recently been installed and are estimated to rent for $1400 per month. The park also boasts on-site laundry facilities. Significant value-add potential exists through leasing the vacant pads or installing new mobile homes at an estimated cost of $58,000 per unit, projecting a 9.5%-10% capitalization rate with an estimated investment of $348,000. This property offers a compelling blend of immediate income and substantial future growth potential in a desirable location. The property is priced at $1,799,000.

Location Insight

City

Okeechobee

County

Okeechobee

State

Florida

Longitude

-81.0769

Latitude

26.9961