9.35% Cap 117 Cash Flowing RV Sites

Description:

Location: Indiana
Purchase Price: $2,200,000 + assignment fee
Deal Type: Cash Deal - No Seller Financing
Property Type: Campground
117 RV Sites
Seasonal Operation: April to October
2 Hours Southeast of Chicago
1.5 Hours Northwest of Indianapolis
Full-Time Manager (one-time contract expense in 2024)
Tenant-Paid Electricity (direct to utility company)
Full Hookup Sites
Utilities: Well + Septic

PROPERTY HIGHLIGHTS:

Seasonal Rate: $3,200 per site (tenants pay electric directly)
2024 Gross Income: $284,324
Seller Reported Total Expenses: $284,434
Adjusted Expenses (after add-backs): $78,656
Adjusted 2024 NOI: $205,668
Deal Structure

Raw NOI: -$110 (Seller Reported)
Total Add-Backs: $205,778
Adjusted NOI: $205,668
Cap Rate: 9.35% based on $2.2M asking
Pros of this Deal

High cap rate for a seasonal ground
Utilities structured favorably: well + tenant-billed electric
Vacancy upside: 23 unoccupied sites can drive revenue growth
Good proximity to two major metro markets (Chicago & Indy)
Cons of This Deal

Seasonal only — no winter revenue
NOI depends on re-lease of vacant sites

Next Step for Buyers
NDA + Proof of Funds required to access detailed financials and site videos/photos

TERMS

End Buyer is responsible for paying all transaction coordination fees.
All Subject-To, Hybrid, and Seller Financing transactions will incur transaction coordination fees.
These deals will be handled by a third-party transaction coordination company.
Transaction coordination fees are subject to change.
30 Days DD period with extra 15 days for 3rd party reports only
15 day Close with Option for 15-day Extension for more EMD
EMD $21,000