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$ 9,995,000
Est. payment /mo
Active
8791 Highway 78 Okeechobee, FL 34971
13.6 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID F10503959
HOA Y/N No
Year Built 1984
Annual Tax Amount $122,000
Tax Year 2025
Lot Size 13.600 Acres
Acres 13.6
Property Sub-Type Multi Family
Property Description
VALUE ADD | Okeechobee | Four mobile home parks (175 units) in very close proximity to one another with 2 parks being contiguous and represents 123 pads. There is a positive appetite to acquire mobile home parks in Okeechobee driven by several compelling market dynamics: Affordable Housing Demand, Interest in Stable, Cash-Flowing Assets, Local Market Appeal and Low Operational Costs. THE PARKS A) Cloverport Mobile Home Park/28 Units; 7650 Highway 78 W. B) Dew Drop Mobile Home Park/57 Pads; 8791 Highway 78 W. C) Okeechobee Lake Mobile Home Park/66 Pads; 8951 Highway 78 W. D) Palm Drive Trailer Park/ 24 Pads; 3307 and 3611 SE 36th Ave. DOWNLOAD the Offer Memorandum for salient data including individual park descriptions, rent rolls and income & expense. Highlights of the individual Parks:Cloverport Mobile Home Park; 7650 Highway 78 W. OkeechobeeCloverport Mobile Home Park is located minutes from Lake Okeechobee, Kissimmee River and downtown Okeechobee (2.7 miles) with its dining and shopping, & less than 6 miles from the up-and-coming Bass Pro Resort at 10430 W Highway 78.Cloverport Mobile Home Park is a 27 lot/pad and one CBS studio apartment complex with laundry facilities rented on an annual basis. And sits on over 2.5 acres, with three entrances, sub-metered public water & septic. 6 units are park owned, 15 units are tenants owned (lot rent only), 1 unit is financed and there are 6 vacant pads. Water expense is passed through to the tenant's owner mobile homes. There are 5 brand 560 SF new mobile one bedroom/one bath homes recently delivered and installed, estimated to rent for $1200 per month. The value-add lies in leasing the 6 vacant pads or installing new MH's at a cost of approx. $58,000 per unit providing a 9.5%-10% cap rate with an investment estimated at $348,000.Dew Drop Mobile Home Park; 8791 Highway 78 W., Okeechobee The Dew Drop Mobile Home Park sits on 3.9 acres and contains 57 pads with one folio. The park consists of lot rents only as each mobile home is tenant owned.The MHP is less than 5 miles to the central Business district of downtown OkeechobeeOkeechobee Lake Mobile Home Park; 8951 Highway 78 W., OkeechobeeOkeechobee Lake Mobile Home Park contains 66 pads (lot rent only)This park is contiguous to Dew Drop Mobile Home Park and together they have a combined 126 pads. The park consists of lot rents only as each mobile home is tenant owned.The MHP is less than 5 miles to the central Business district of downtown OkeechobeeThe park has one folio numberPalm Drive Trailer Park; 3307 and 3611 SE 36th Ave; OkeechobeeThe property possesses two folio numbers and is situated on a canal with access to Lake Okeechobee. The park has 24 pads and collects rent for lot rent only.
Location
State FL
County Okeechobee
Area 6240 Nw Okeechobee County
Direction Too much information for the MLS. Please download the Offering Memorandum for all salient data regarding the opportunity.
Interior
Heating Central
Cooling Central Air
Exterior
Private Pool Yes
Building
Water Public
Others
HOA Fee Include Maintenance Structure,Water
Senior Community No
Tax ID 10838350A00000170000
Ownership Corporation
Virtual Tour https://www.propertypanorama.com/7650-Highway-78-W-Okeechobee-FL-34971--F10503959/unbranded
Listed by Media Realty
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