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6029 E 200 N
Monticello, IN 47960
Scenic View RV and Mobile Home Community · Multifamily Property For Sale
·
20,000 SF
INVESTMENT HIGHLIGHTS
- Attractive In-Place Yield with Stabilized Cash Flow
- Durable Demand Drivers in a Constrained Housing Marke
- Embedded Density Upside Through Pad Expansion
EXECUTIVE SUMMARY
Scenic View RV & Mobile Home Community is a stabilized manufactured housing and RV community located on a 7.06-acre site in Monticello, Indiana, near Lake Shafer, Lake Freeman, and the Indiana Beach corridor. The property consists of 20 existing pads operated under a land-lease structure with tenant-owned homes and RV occupancy. Municipal sewer service and utility-included lot rents reduce long-term infrastructure risk and support consistent operations. The community has an established operating history dating back to 1960 and benefits from a simple, low-maintenance infrastructure profile.
Based on 2024 operating results, the property generates approximately $66,238 in net operating income, which equates to an in-place cap rate of approximately 8.3% at an $800,000 purchase price. Current lot rents remain affordable relative to regional housing alternatives, supporting stable occupancy and collections while preserving the ability for gradual rent normalization over time. The surrounding market is characterized by high homeownership rates and limited flexible rental inventory, reinforcing demand for manufactured housing and extended-stay accommodations.
The investment is further supported by a diversified local demand base driven by tourism, manufacturing, utilities, healthcare, public services, and ongoing infrastructure and renewable energy projects throughout White County. Proximity to Indiana Beach and the Twin Lakes recreational area contributes seasonal demand, while workforce and contractor housing needs provide year-round occupancy stability.
Additional upside exists through the potential expansion of approximately 15 additional pads on land already controlled by the ownership. Internal roads are in place and municipal sewer is available, allowing expansion to be approached as an infill development rather than a speculative land entitlement. Upon stabilization, additional pads at market rents have the potential to materially increase net operating income and improve overall operating efficiency, scale, and exit positioning.
Based on 2024 operating results, the property generates approximately $66,238 in net operating income, which equates to an in-place cap rate of approximately 8.3% at an $800,000 purchase price. Current lot rents remain affordable relative to regional housing alternatives, supporting stable occupancy and collections while preserving the ability for gradual rent normalization over time. The surrounding market is characterized by high homeownership rates and limited flexible rental inventory, reinforcing demand for manufactured housing and extended-stay accommodations.
The investment is further supported by a diversified local demand base driven by tourism, manufacturing, utilities, healthcare, public services, and ongoing infrastructure and renewable energy projects throughout White County. Proximity to Indiana Beach and the Twin Lakes recreational area contributes seasonal demand, while workforce and contractor housing needs provide year-round occupancy stability.
Additional upside exists through the potential expansion of approximately 15 additional pads on land already controlled by the ownership. Internal roads are in place and municipal sewer is available, allowing expansion to be approached as an infill development rather than a speculative land entitlement. Upon stabilization, additional pads at market rents have the potential to materially increase net operating income and improve overall operating efficiency, scale, and exit positioning.
PROPERTY FACTS
| Price Per Unit | $40,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 7.06 AC |
| Cap Rate | 8.33% | Building Size | 20,000 SF |
| No. Units | 20 | Average Occupancy | 80% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built/Renovated | 1980/2018 |
| Apartment Style | Garden | ||
| Zoning | A1 | ||
| Price Per Unit | $40,000 |
| Sale Type | Investment |
| Cap Rate | 8.33% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.06 AC |
| Building Size | 20,000 SF |
| Average Occupancy | 80% |
| No. Stories | 1 |
| Year Built/Renovated | 1980/2018 |
| Zoning | A1 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | $550.00 | - |
PROPERTY TAXES
| Parcel Number | 91-73-15-000-000.900-020 | Improvements Assessment | $100,900 |
| Land Assessment | $56,500 | Total Assessment | $157,400 |
PROPERTY TAXES
Parcel Number
91-73-15-000-000.900-020
Land Assessment
$56,500
Improvements Assessment
$100,900
Total Assessment
$157,400
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