28513 Palm Ct Dr Harlingen, TX 78552-2454

Property Details for 28513 Palm Ct Dr

Year built

2002

Lot size

7.82 lot acres

Property type

Commercial real estate

APN

97-1080-0160-0400-10

APU

9710800160040010

Description

This exceptional 10.96-acre RV park in Harlingen, Texas, presents a compelling value-add investment opportunity. Currently boasting 100% occupancy (as of October 1, 2024) and featuring 160 pads, this 55+ community offers a diverse mix of rental options including manufactured homes, park-owned homes, RV spaces, and lodge rooms, catering to both long-term and seasonal residents. The property includes a single, one-story building encompassing 47,418 square feet and benefits from efficient utility management with city water and a multi-tank septic system; electricity is either direct-billed or bill-back. Amenities include a heated pool, spa, residential workshop, clubhouse with planned activities, and on-site laundry facilities, fostering a thriving community environment. The current Net Operating Income (NOI) is $88,940, with a pro-forma NOI projected at $467,986, reflecting a significant potential for increased profitability through planned rate adjustments and further occupancy optimization. The property is offered at $2,600,000, representing a current cap rate of 3.42% and a pro-forma cap rate of 18.00%. Seller financing is available with flexible terms, including a 35-45% down payment, 7.25% interest, and a five-year balloon payment on a 30-year amortization. Located in a growing market with a strong economy and a rising senior population, this well-maintained property offers a unique blend of immediate income and substantial upside potential. The property's Cameron County location, at 28513 S Palm Ct Dr, Harlingen, TX 78552 (APN: 9710 8 0-016 0-030 0 0 0), is held in fee simple ownership.