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- LoopNet Team
Balboa
Madison, FL 32340
Madison Station RV Land | Fully Entitled · Land For Sale
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13.51 AC
INVESTMENT HIGHLIGHTS
- Madison Station RV is 13.51 acres of entitled RV land at the intersection of I-10 and R-53.
- Assuming a $65 daily rate and a $650 monthly rate and 70% stabilized occupancy with a 45% expense ratio we estimate an untrended NOI of $469,694.
- Estimated building costs of $3,500,000 ($38,043/site) based on a recent estimate from a GC. Fully entitled with board approval and permitting
- Projecting an exit in year 4, $7,000,000 ($76,087/site) at a 7.5% cap rate will deliver an unlevered IRR of 14%.
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 13.51 AC |
| Property Subtype | Commercial | Cross Streets | SE Business Drive |
| Proposed Use | Trailer or Camper Park |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Trailer or Camper Park |
| Total Lot Size | 13.51 AC |
| Cross Streets | SE Business Drive |
DESCRIPTION
Madison Station RV Resort Development, is a fully entitled 92 site RV development. The property is the perfect opportunity to build or expand a portfolio in the red hot Florida RV market. The high traffic and ease of access from I-10 makes Madison Station’s location prime for capturing market share. The asking price for the portfolio is $1,500,000 ($16,300/site) & ($111,000/acre) Well Located: Madison Station RV is 13.51 acres of entitled RV land at the intersection of I-10 and R-53. This situates Madison Station on one of the most trafficked arteries to arrive and leave Florida. Construction Ready: Estimated building costs of $3,500,000 ($38,043/site) based on a recent estimate from a GC. The property is fully entitled with board approval and permitting for the project. Pro Forma: Assuming a $65 daily rate and a $650 monthly rate and 70% stabilized occupancy with a 45% expense ratio we estimate an untrended NOI of $469,694. Underwriting: Projecting an exit in year 4, $7,000,000 ($76,087/site) at a 7.5% cap rate will deliver an unlevered IRR of 14%.
PROPERTY TAXES
| Parcel Number | 18-1S-10-1270-000-000 | Improvements Assessment | $584,617 |
| Land Assessment | $68,901 | Total Assessment | $653,518 |
PROPERTY TAXES
