1 Richard Keen Rd - Manufactured Housing/Mobile Housing FOR SALE


Pahokee, FL 33476
$4,750,000 USD
610-656-6521
1 Richard Keen Rd, Pahokee, FL for Sale
$4,750,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/21
null | 7.03% Cap Rate

1 Richard Keen Rd
Pahokee, FL 33476


HIGHLIGHTS

  • Massive expansion upside (Up to 120 lots)
  • 71 out of 74 units are tenant owned homes
  • Entire property on city water and sewer
  • Major improvements made over past 3 years
  • Lots are individually metered and tenants pay utilities

OVERVIEW

Mobile home parks are rarely available in Palm Beach County, making this a unique opportunity to acquire a stabilized, income-producing asset with significant upside. The property features 74 lots with the ability to expand to approximately 120 lots, offering a substantial value-add opportunity through infill development. This property offers a highly efficient, low-expense operating model with strong, consistent cash flow. Since acquiring the property in 2022, ownership has executed a full operational overhaul. This includes eliminating cash payments in favor of a structured, trackable payment system, and removing non-paying tenants resulting in stronger collections, improved tenant quality, and more reliable income. In addition, the property has undergone significant physical improvements, including road repaving, LED lighting installation, extensive tree trimming, security camera systems, and overall community clean-up, creating a safer, more attractive environment that supports continued rent growth. The majority of homes are tenant-owned (71 out of 74), providing a low-maintenance, high-margin income stream. The property is serviced by city water and sewer, eliminating the risks associated with private utility systems. Tenants are responsible for their own utilities. With proven operational improvements, and clear expansion potential, this is a turnkey yet value-add investment in one of the most supply-constrained markets in South Florida.

FOR SALE DETAILS

PRICE

$4,750,000 USD

PRICE/SF

$76 USD /SF

# OF UNITS

74

PRICE/UNIT

$64,189

CAP RATE

7.03%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lakeview Estates Mobile Home Park

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1977

PARKING SPACES

-

LAND DETAILS

LAND ACRES

11.04 AC

LAND SF

480,902 SF

ZONING

MH

APN/PARCEL ID

48-37-42-04-00-000-1010,48-37-42-04-00-000-1020,48-37-42-04-00-000-1030,48-37-42-04-00-000-1050,48-37-42-04-00-000-1060

ASK ABOUT THIS PROPERTY

Frank LamarraEquitrust Realty, Inc.More Info
610-656-6521

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Frank LamarraEquitrust Realty, Inc.More Info
610-656-6521

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.