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Address is 1631 Spur 159 Port Lavaca, TX 77979

Jesse Wood


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Coastal Bay RV

RV Park/Campground for Sale in Port Lavaca, Texas

1631 Spur 159
Port Lavaca, TX 77979

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Sale Price: $890,000
 

Contact Information

Jesse Wood

RV Park/Campground for Sale

Year Built: 2014
Number of RV Lots: 42
Average RV Lot Rent: 375
Size: 11.1 acre(s)
Cap Rate: 15.0%
Purchase Method: Cash, Seller Financing, New Loan
Status: Active
Property ID: 786542
Posted on: Nov 01, 2017
Updated on: Nov 22, 2017
Price: $890,000

Property Description

42 spaces on 11.1 acres with a 15% Cap Rate. Located 1/2 mile from Carancahua Bay, 15 miles southeast of Port Lavaca, Tx. 42 spaces with 10 of the spaces occupied with rental RVs. Located on 11 acres with loads of room for expansion and additional acreage if necessary. We also have a full commercial kitchen building with patio and seating overlooking the office pond. The kitchen is presently closed while we search for someone to run it. Within the existing roads there is room for approximately 20 more spaces as the photo shows. Opened for business in the winter of 2014, we have been at 90% to 100% occupancy for the past 2 years. We have a laundry room with full bath as well as a second bath building, a swimming/fishing lake with plenty of room to roam and walk the dogs. Our spaces are 35' wide by 70' long with metered 50/30/20 amp connections, wide roads, city water and sewer, excellent WIFI, and Direct TV hookups. We had a dream to build this little RV park near the bay side community of Port Alto so friends could visit and party in the summer and not have to drive home then look forward to our winter Texan friends in the winter. We have however become more of a work camp as we are entirely full of hard working construction folks working on a multi year project 10 miles away in Point Comfort. We have been averaging 5 calls per week looking for long term RV parking or an RV to rent that we have had to turn away. Not a bad problem to have except the wife and I decided that at 65 years of age we did not want to expand but instead put it on the market for some young folks to expand on their dreams. Our present space rates are $375/mo plus electricity. Our average RV rents for $900/mo less the $375 space rent less $75 in electric charges and an estimated depreciation of $40/mo yields a net of $400/mo on each RV. We could market it as 32 RV spaces and 10 rental units but there may be folks out there that don't want to mess with owning these RVs and would simply sell them off and get back to just having the 42 spaces and no rental units. There is plenty of room for expansion within the 11 acres. Please NOTE: The aerial view is before we expanded to the outside of the road. If you look at the photos you can see the new pad where we recently added 18 more spaces. Our fixed cost for our managed WIFI, garbage, mowers & gas, auto & gas, 2 internet lines, mower depreciation, Directtv, road maintenance, utilities, auto expense, credit card fees, taxes, insurance, etc are $5600/mo. which includes $1500/mo labor. There is a huge shortage of housing in the area with no end in sight as this construction project seems to be getting bigger and bigger.

NOTE: We calculated the Gross Income and the Cap Rate based on a conservative 85% occupancy. We are presently at 100% which would raise the cap rate to almost 20% and can see no change in the next several years due to the Formosa Plastics plant expansion. Simple math can show that by adding those 20 spaces it will increase annual income by $90,000 with no measurable increase in expenses. You can figure the cap rate on that if you wish. If the wife and I were only 50 again......
Google Maps Link: https://www.google.com/maps/place/Port+Alto,+TX+77979/@28.6579443,-96.4245016,428m/data=!3m1!1e3!4m5!3m4!1s0x8642027de09f741b:0x8481546f09241257!8m2!3d28.6599945!4d-96.4133057

Financial Information (Actual)

Gross Income$201,000
Operating Expense$67,000
Net Operating Income$134,000
Expense Ratio 33.3%
Debt InfoNone

RV Space Information

Number of RV Lots:42
Average RV Lot Rent: $375

Utility Information

Water:City
Sewer:City

Amenities and Other

Laundromat: Yes
Manager Office: Yes
Bathhouse: Yes
Wifi: Yes