7650 Hwy 78 W 28 Unit Mobile Home Park $1,350,000 ($48,214/Unit) 9.21% Cap Rate Okeechobee, FL 34974

Cloverport Mobile Home Park offers a compelling value-add investment with an in-place 9.25% cap rate and an estimated 11.0% capitalization rate based on stabilized income. Ownership has recently experienced a shift in motivation and has aggressively reduced the asking price, creating a compelling entry point for investors seeking immediate cash flow with future upside in a supply-constrained submarket.
The property is strategically located minutes from Lake Okeechobee, the central business district, the Kissimmee River, and downtown Okeechobee, providing convenient access to dining, shopping, and employment centers. Additionally, the park is less than six miles from the emerging Bass Pro Resort, further strengthening long-term demand drivers.
Cloverport consists of 27 mobile home pads plus one CBS studio apartment, situated on over 2.5 acres with three points of ingress/egress. The park features sub-metered public water and septic, on-site laundry facilities, and annual leases.
Unit Mix & Operations
6 park-owned homes
16 tenant-owned homes (lot rent only)
6 vacant pads (Massive Upside)
Water expense is passed through to tenant-owned homes
The ownership has recently delivered and installed five (5) brand-new 560 SF one-bedroom/one-bath mobile homes, each projected to rent for approximately $1,400 per month, immediately enhancing cash flow and asset quality.
Value-Add Opportunity
The primary upside lies in leasing the six vacant pads or installing additional mobile homes at an estimated cost of $48,000 per unit. This represents a total capital investment of approximately $348,000, with projected returns in the 11% cap rate range, materially increasing NOI and overall asset value.