8951 HWY 78 W - Multi-Family FOR SALE


Okeechobee, FL 34974
$3,200,000 USD
954-923-2325
8951 HWY 78 W, Okeechobee, FL for Sale
$3,200,000 USD
Multi-Family - FOR SALE
1/17
null | 7.4% Cap Rate

8951 HWY 78 W
Okeechobee, FL 34974


HIGHLIGHTS

  • Okeechobee Lake Mobile RV Park contains 66 pads (lot rent only)
  • This park is contiguous to Dew Drop Mobile Home Park which is on market 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 Okeechobee
  • Out Parcel containing superior exposure and plenty of parking fronts Hwy 78 W creating additional value add opportunities
  • Clubhouse, Coin Operated Laundry Facility, Common area Shower and Bathroom

OVERVIEW

Okeechobee Lake RV Park is strategically located just 6 miles—or approximately a 10-minute drive—from downtown Okeechobee, offering a significant competitive advantage over most parks in the area due to its accessibility and proximity to local amenities. The park features 70 total pads, with 66 currently occupied by lot renters, providing consistent income. On-site amenities include a clubhouse, a freestanding bathroom and shower facility, and a utility room, enhancing convenience and livability for residents. Out Parcel: Additionally, the property includes a 6,743-square-foot commercial building fronting Highway 78 W. Originally built in 1960 as a restaurant, this structure is currently vacant and represents a strong value-add opportunity for commercial or mixed-use redevelopment. It possesses significant exposure and plenty of parking along the major traffic artery. In light of CoStar’s limited field structure for mobile home and RV park assets, the operating stack for Dew Drop Inn is presented below to accurately reflect income and expenses. Annualized Operating Data Current Rents Market Rent Scheduled Gross Income: $417,000 $455,400 Less Vacancy Rate Reserve: 54,210 13.00% 36,187 7.95% Effective Operating Income: 362,790 419,213 Pass-Thru Income 48,132 48,132 Total Income 410,922 $467,345 Less Expenses: 174,457 42.46% 174,457 37.33% Net Operating Income: $236,465 $292,888

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$65 USD /SF

# OF UNITS

66

PRICE/UNIT

$48,485

CAP RATE

7.4%

% LEASED

13%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Okeechobee Lake RV Park

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1988

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

R1-18-38-35-0A00-00004-0000

ASK ABOUT THIS PROPERTY

Peter DackoMedia RealtyMore Info
954-923-2325

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Peter DackoMedia RealtyMore Info
954-923-2325

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