RV Park/Campground Details
- Price: $2,000,000
- Purchase Method: New Loan
- Cap Rate: 7.0%
- Property ID: 1283814
- Posted On: Jul 6, 奔驰宝马娱乐官网
- Updated On: Jul 6, 奔驰宝马娱乐官网
Salt Water Flats RV Resort is composed of 53 concrete pads, 4 cottages, an office and 2 apartments situated in Rockport, Texas. The Mapcarta 4.3 star rated RV Resort was built in 2012 on 6 acres and has a site density of 9.83 sites per acre. There is a community room, air conditioned bath houses (handicap accessible) and laundry room, two swimming pools, fire pit and covered BBQ area.
The park’s website is for detailed information and guest reviews. The RV Resort offers many water related activities and accommodates shallow water fishing for red fish, trout, flounder and black drum. The RV Resort conveniently located near all of the coastal activities and the sites can accommodate both the RV/TT and a boat.
The new management team took over the resort in 2018 and have significantly increased the occupancy and revenue stream. Currently, approximately 59% (37) of the sites are
occupied by annual residents and the owner’s goal is to increase this annual occupancy to 80%. They intend to leave 20% of the sites available for high demand, season and
transient use. The monthly rate for annuals is $425, which includes water, sewer and trash. The residents are billed for electricity per a sub-meter.
The RV Resort is listed at an 6.95 cap with an expense load at 60.95% ($3,498 per site) with the property taxes increased 17.1% in the underwriting. The historical and current
actual financials and other due diligence documents are available on the due diligence portal. Please note that the revenue from unit 59 (apartment) used by the owner is not reflected in the 2019 or T-12 collections
Salt Water Flats RV Resort is a newer, quality constructed and coastal RV Resort which attracts year around residents as well as seasonal transient guest. The offering has current cash flow return and demand upside. The COVID-19 situation did effect some of the transient occupancy and may be reflected in the trailing twelve months from June 2019 to May 奔驰宝马娱乐官网. As business and destination RV travel recuperate, it will be reflected in the RV Resort’s revenue stream.
Salt Water Flats RV Resort was built in 2012 and has 53 cement RV sites that measure, approximately, 30x70 with pad sizes no smaller than 15x30. These sites were designed to accommodate both the rig and a boat. The RV Resort was built on 6 acres and has a site density of 9.83 sites per acre. There is a mature tree canopy and grass lawns between the sites. Each site is sub-metered for electricity with 30/50 Amp services and water, sewer(septic), cable, WiFi and trash are included in the site rents. There is a 15% hotel tax on transient use and electricity is billed at $0.066 per kilowatt for monthly stays.
There are four cabins that are approximately 350 Sqft and are fully furnished. There is no boat storage available for the cabins. Each cabin has a 120 Sqft covered porch. The office, laundry room and the two apartments appear to have approximately 2,176 Sqft. The two apartments are 1 bedrooms and 1 bath and are fully furnished with two queen sized beds and each apartment has a walk-in closet. The apartments share an enclosed, air conditioned deck. The owner currently uses one apartment exclusively.
The common area amenity package consists of a community room, air conditioned bath houses and a laundry room with leased equipment (2 washers & 2 dryers) and the gross revenue is split 50/50 (all handicapped accessible), two pools, fire pit and covered BBQ area.
There are large oak trees that provide shade throughout the RV Resort mixed with palm trees for an esthetic accent. The RV Resort has effective entry signage and visual curb appeal. There is 57,734 lineal feet of frontage on Hwy TX-35.
The RV Resort is located between Rockport and Aransas Pass and it is close to intercoastal waterways, bays, Gulf of Mexico and the beaches of Mustang Island. This is an ideal location for transient or
monthly use by guests who come from the area to fish, participate in other water sports or activities. The RV Resort roadways and sites are concrete (92,124 Sqft per assessor). The electrical service is underground commercial grade direct burial aluminum and the pedestals are 30/50 Amps and sub-metered at each site. The
water system is PVC with vertical risers and the water is provided by the municipality. There is no natural gas in the park. The guest / residents have their own propane. There is cable TV and WiFi service and it is included in the rents.
The RV Resort has a stormwater evacuation system with pumps at the front and rear of the property. Deluge conditions (5-7 inches of rainfall 24-48 hours) can cause flooding. The evacuation pump system may take 24 – 36 hours after the storm passes to remove the surface water. The surface water can reach 1 – 2 feet at its historical highest level and has never impacted the cars or travel trailers/RVs. The seller has added a third pump to facilitate the drainage.
|Number of RV Lots:||53|
|Net Operating Income||$355,869|
|Expense Ratio||62.7 %|