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Mobile Home Park Details

  • Price: $3,350,000
  • Cap Rate: 7.1%
  • Property ID: 1343829
  • Posted On: Oct 21, 2020
  • Updated On: Oct 21, 2020

Property Description

Coles Point RV Resort resides in Hague, VA by the Potomac River, adjacent to the Virginia-Maryland border. This RV park is in good shape, and features 121 lots (6 are not move-in ready, and need utilities), as well as land that can potentially be used to develop 12 additional lots. Given its location on the Potomac River and its proximity to the Chesapeake Bay, it is an ideal location for boaters and vacationers from Washington DC, Fredericksburg, and Richmond.
The RV park's tenants have access to the additional amenities that Coles Point Marina and RV Resort has to offer such as a pool, beach area, and on-site restaurant by the Potomac River. Tenants also have the ability to rent boat slips at the adjacent marina. The annual RV rent is well below market at an average of $2,800, giving new ownership the ability to increase rent and cash flow. Rent is due on February 1st and is accepted no later April 1st without late fees. The RV park offers additional add-on RV lot rental options such as waterfront lots, as well as additional buildings and vehicles, which contribute to the yearly revenue. The current rent roll breaks-down which tenants are receiving pro-rated rent levels, options to pay monthly, and which are receiving free rent for an exchange of services.
The offering price of the RV park is priced at a 7.13% CAP rate. The seller ultimately wants to be cashed-out, but will entertain seller financing with 33% down with a 30 year amortization, at 5% interest, with a 5 year balloon. We are asking investors to submit offers at, or above, $3,350,000.

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Park Information

Number of MH Lots: 121
Total Occupancy: 94.0 %
Size: 24 acre(s)

Financial Information

Gross Income $312,223
Operating Expense $73,500
Net Operating Income $238,723
Expense Ratio 23.5 %
Debt Info

RV Information

Number of RV Lots: 109
Average RV Lot Rent: $2,800

Utility Information

Water: Well
Sewer: City

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