2655 Carroll St Stuart, FL 34997

This exceptional 23-pad RV park in Stuart, Florida presents a compelling value-add opportunity. Priced at $1,800,000, this Class B property boasts a current NOI of $113,922 and a 6.33% cap rate, with a pro-forma NOI projected at $158,302 and a 9.00% pro-forma cap rate. Built in 1958, the park currently enjoys 91% occupancy. The property comprises 23 units, including 6 apartment units averaging $1,006 monthly rent, 7 lot renters averaging $679 monthly, and 8 occupied park-owned homes averaging $714 monthly. Two vacant lots are ready for development, offering immediate upside potential. The current rents are significantly below market rates, providing a clear path to increased profitability by raising rents to market levels. Additionally, selling the park-owned homes will reduce maintenance costs and lower the overall cost basis. Located less than 10 minutes from downtown Stuart, this property benefits from a rapidly growing population, rising rents, and increasing home values in a highly desirable area. The potential for expansion or addition of other real estate types, such as storage units, warrants further investigation. The property's APN is 5238410000000130000. The price per pad is $78,261.