Enormous upside with this 26+ acres in Dade City, minutes from Interstate 75. Plans are in place with the city and county which have approved the land for up to 151 RV sites. There is already some infrastructure in place however the development will need to built out. Estimated development costs are between $800,000 to $1.2M. With a modest average lot rent of $350 per month, accounting for only 140 total lots, and allowing for a conservative 40% vacancy rate, this project should yield a 15% cap rate. Don’t miss out on this opportunity.
Rental Income $29,400 mo. / $352,800 yr.
Investor Price $375,000
Closing Costs to Buy $3,000
Rehab Projection $1,200,000
Property Insurance $10,000 / yr.
Estimated Taxes $15,000 / yr.
Property Management $50,000 / yr.
Maintenance $36,000 / yr.
HOA Dues $0 / yr.
Projected Income $241,800
Estimated APY 15.27%