Contact Information

Mobile Home Park Details

  • Price: $2,700,000
  • Cap Rate: 8.7%
  • Property ID: 1630023
  • Posted On: Mar 24, 2022
  • Updated On: May 18, 2022

Property Description

Listing Broker : Ryan Ramseur
Contact Ryan Ramseur: +1-678-932-0200

TALLAHASSEE, FL - Lakeside Travel RV Park is in the Panhandle County of Leon, just 5 miles east of I-10, in the heart of Florida’s Capitol City, Tallahassee. Proud to be the longest continually-operating RV park in Tallahassee, Lakeside Travel RV Park is minutes from Florida State University, Florida A&M University and Tallahassee Community College. Centrally-situated to all main attractions like fine dining, shopping, and entertainment, as well as the Tallahassee International Airport (TLH), residents and visitors have ease and convenience at their fingertips. With a population close to 400,000 Tallahassee, has something for everyone and is still only an hour drive to many of Florida’s beautiful beaches.

Lakeside RV Travel Park offers 65 RV sites, 5 storage units, 2 commercial tenants (used car dealer and car detail warehouse), 2 apartments (one 1 bedroom/one 2 bedroom) and one dump station. A number of sites are 30/50 amp compatible. The warehouse tenant has been in-place for 17 months and the car lot for several years. Additionally, there is a bathhouse (2 single baths/ 1 family ADA bath) and laundry room on premises.

Current ownership has been in-place since 2018, and has made several improvements to the property over the years, which includes all new interior paint to office/apartments/warehouse, complete renovation of interior of bathhouse, a new WIFI system throughout the park, CCTV system installed, new central A/C in office and apartment, and park lighting upgraded to municipal LED lights.

The park is serviced by city water and septic tanks (8) that are in good working condition and maintained as-needed and chemically treated, with one tank replaced in November 2021. There is a manager offsite and a maintenance person occupying one of the apartments at $300/mo. and compensated $11 per hour, six days a week. The current manager and maintenance person are willing to continue under new ownership. Roads are paved and in good condition, and there are trash dumpsters onsite for resident usage and serviced twice a week. Most renters are long-term tenants, with some there for more than 10 years.

The park is currently 77% occupied, offering new ownership substantial upside in filling the remaining lots. The park has seen a 75% growth in overnight stays from 2020 to 2021, resulting in $11,721 in collections for overnights stays in 2021. Current lot rents are averaging $550/mo., however, market data analysis suggests an average lot rent of ±$725 per mo. is achievable, offering new ownership excellent upside.

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Park Information

Number of MH Lots: 65
Total Occupancy: 77.0 %
Average MH Lot Rent: $550
Size: 11 acre(s)

Utility Information

Water: City
Sewer: Septic

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