Stabilized RV park with plenty of up-side in a strong market. The park has 127 lots with 91 RV lot rent only tenants each paying $1000. There are 16 brand -new Cabins each paying $2100 lot rents. The current RV occupancy is 100%. There are an additional 20 vacant newly developed lots that can accommodate either Park Models or RV’s.
Bud’s Place RV Park is a 2-year-old all-age RV community. The park offers daily, weekly, and monthly rates. The $1000 monthly rates include city water and sewer utilities. There are newly constructed cabins which include a kitchenette and a full bathroom. Privately maintained roads are freshly sealed with caliche and in good condition as our offering price suggests. The park is in a flood hazard zone. Also, the park is located in an excellent location near all amenities, just minutes to downtown and within 3.4 miles of a Super Walmart.
This park is being offered as a stabilized investment with immediate upside potential. We are looking for cash offers, however recourse bank debt should be available for this deal. At full price, using bank debt (5.5% interest, 20 YR AM, 30% down) the Cash-on-Cash for the park is 24.5% on normalized actuals and 29.9% on Pro Forma. The price per lot is about $62,953 each and includes full infrastructure for each lot.
We are asking our investors to submit offers at or above $7,995,000 for the entire park including the Cabins. The potential return on investment for this park using current actual’s is a 41.2% IRR and a 6.05 multiple on equity.
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