Fantasy Island MHC 2581 Oleander St 58 Unit Mobile Home Park $4,900,000 ($84,483/Unit) Saint James City, FL 33956

Atlas Bay Commercial presents Fantasy Island MHC, a 57-site, 55+ manufactured housing and RV park community on 2.6 acres of canal frontage in St James City, on Pine Island in Lee County, Florida. All homes are tenant owned. The community operates on annual leases across all sites, with no transient or nightly inventory.
Fantasy Island occupies a single 2.6-acre parcel with canal frontage, improved with 57 rentable sites and a clubhouse. The site mix is 36 manufactured housing sites and 21 sites currently on annual RV leases. Occupancy at June 1, 2026 was 33 of 36 MH sites and 18 of 21 RV sites.
Every home in the community is tenant owned. There are no park-owned homes, no rental home inventory, and therefore no home maintenance, no depreciation on housing stock, and no personal property exposure for a buyer. This is a land-lease business.
Demand for a 55+ land-lease community here is driven by retiree in-migration and by the price gap between Pine Island and the barrier islands to the south. Sanibel and Captiva sit within sight across the sound at multiples of Pine Island pricing. For a resident who wants water access, boat access, and a Gulf coast address without barrier island cost, Pine Island is the practical answer, and a 55+ land-lease community is the lowest cost point of entry available on the island.
The investment thesis is rate recovery, not lease-up. Physical occupancy stood at 89.5% on June 1, 2026, having recovered from approximately 53% reported in early 2024. That recovery is complete and documented. What has not moved with it is rent: the community averages $603 per site per month against a pro forma of $1,095, a gap of 83.3% to market rates.
The pro forma reflects a stabilized third year at market rents of $1,150 per month for manufactured housing sites and $1,000 per month for RV sites, with 90% occupancy, 2% bad debt, and 1% concessions. It produces gross potential rent of $748,800 and net operating income of $498,575, a stabilized cap rate of 12.46% on the price guidance. The pro forma assumes no additional sites, no expansion, and no change in the physical plant beyond routine reserves.
A further value add investment strategy would be to convert 21 RV sites to manufactured housing on elevated pads. This is the largest capital program available. Converting the RV sites to MH on storm-hardened elevated pads moves them from an average of $453 per month to the $1,150 MH pro forma rate, places the community fully within its MH-2 zoning, and reduces exposure in future storm events. Cost is estimated at $75,000 per pad with roughly 70% recoverable through sale of the home to the incoming resident. This program is modeled separately and is not included in the stabilized NOI above.
This is a rare opportunity to acquire a waterfront, cash flowing property with access to the Gulf of America. Surrounded by residential homes and lack of comparable product provides a competitive advantage which is hard to find in south west Florida.
Price guidance is $4,900,000. The property is offered on an all-cash basis or subject to buyer financing. Seller financing is not offered at this time.
The property is offered exclusively by Atlas Bay Commercial. Tours are by appointment only and are scheduled following execution of a confidentiality agreement and buyer registration in the deal room. Residents are not to be approached.
Contact Atlas Bay Commercial Principal Broker, Dan Fischer, at dan@atlasbay.co | 727-314-1788 | www.atlasbay.co