16022 Cumberland Cove Rd Madill, OK 73446

Property Details for 16022 Cumberland Cove Rd

Year built

1970

Lot size

110.30 lot acres

Property type

Mobile home & RV parks

Property subtype

Campgrounds

Description

This 41-unit RV park, situated on 110.3 acres with over a mile of Lake Texoma shoreline in Madill, Oklahoma, presents a compelling value-add investment opportunity. Built in the 1970s, the property is currently operating under a membership model, offering significant upside potential for a new owner. The asking price is $400,000. The property benefits from its location between Oklahoma City and Dallas/Fort Worth, attracting seasonal visitors. A ground lease with the Army Corps of Engineers is in place, expiring December 31, 2052, with a potential 20-year extension. The property is not currently zoned. The current management is in place and ready to transition to a traditional RV park model, allowing for revenue growth through increased occupancy rates (targeting 30-40%), higher nightly rates ($45+), optimized site mix (transient/extended-stay), and the addition of amenities such as cabins/motels, a camp store, upgraded Wi-Fi/cable, and potential marina expansion. The existing membership obligations remain with the seller. This presents a chance to acquire an underperforming asset at a price significantly below replacement cost and achieve high double-digit unlevered yield through stabilization and operational improvements. The property's prime location on a major lake, coupled with its proximity to two large metropolitan areas, ensures strong demand.