|Price/Rent PSF||$ 2,500,000.00|
|SQ. FT. Available||88,862|
Yankeetown, Florida is a town in Levy County, Florida founded in 1923. Yankee town sits on the Withlacoochee River which feeds directly into the Gulf of Mexico.
B’s Marina and Campground is located on the gorgeous Withlacoochee River in Yankeetown, FL. This unique property serves as both a Mobile Home Park, and a one of a kind Marina. The property sits on over 2.68 Acres and has been completely renovated in the past 18 months. This amazing opportunity allows the buyer to not only make income from the Marina but from the multiple Mobile Home Pads on site.
B’s Marina and Campground over 30 waterfront boat slips where customers dock their boats for a daily, weekly, or monthly fee. In 2017 these boat slips had an uncanny daily occupancy rate of over 99.5%. Customers from all over Florida store their boats here for quick easy access.
In 2018 the boat slips alone are scheduled to produce over $72,000 of income! This is one of the very low cost high upside features of this fantastic property. Not only does the Marina provide income from the boat slips, but also from its unique Campground. The Campground consists of 29 rental pads that are rented in various ways.
On-site, there are 17- Long-term Rental Pads, which tenants rent a period of 6-months, these were in such high demand in 2017, the long-term pads were rented up to a year in advance. Tenants often pay upfront the entire lease amount to secure their spot in one of these highly sought-after pads. Along, with the long-term rental pads, the campground also has 8 transit Campers which are rented in 3 ways: Daily, Weekly or, Monthly. Due to the high demand for travelers, the rental rates have been increased by over 10.00% for 2018 and are currently 100% occupied. Between the Long Term and Transit rental pads, they are projected to produce over $185,600 in rental income alone!
The latest addition to the Marina, came in August of 2017, when the Marina was approved for Air BnB rentals. The owners spent over $14,000 in fixing up units to create a one of a kind experience at the campground. There are currently 6 Air BnB residences on site that are projected to bring in over $85,000 of rental income in 2018. As soon as these became available at the end of 2017, they boasted an occupancy rate of 98.6%!
This amazing property also produces income with its various amenities that customers love to use. At the campground, there is an ice machine, a fully laundry room, and a fire pit where customers can buy firewood to make a campfire. At the Marina, they also offer kayak rentals, access to their boat ramp to create easy access for clients to get their boats in and out of the water and, boat fuel so clients do not have to go to another site to fill up their boats. This amazing property will produce over $423,356 in income during 2018 and the low overhead cost makes this an opportunity for the buyer to obtain a 10% cap rate on day 1.
With the ability for the buyer to constantly increase the prices across the board, this number will only go up. The occupancy rates clearly show there is a high demand for these products and services making this a very safe investment. The ability to increase the prices and rental rates creates immense upside for the buyer that very few properties have! Furthermore, with the improvements the seller has made over the past 18 months, there is almost no Capex needed after purchasing this property. The buyer will instantly obtain a property producing a cap rate of almost 10% and a cash on cash return of approximately 20%! The numbers speak for themselves, this is an amazing opportunity that will not last long!