Open Gate Mobile Home Park
2655 SE Carroll St | Stuart, FL 34997-8562, US
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The MHP Value Team at EXP Commercial is pleased to offer for sale Open Gate MHP, a 23-unit mobile home park located in the rapidly growing and highly desirable Stuart, FL market, just minutes from the downtown core. The community is composed of a mix of housing types, including six tenant-owned lot renters averaging $692 per month, eight occupied park-owned homes averaging $833 per month, two mobile homes that have been converted into duplexes for a total of four rental units at $618 per month each, and three apartments that currently rent for $1, 050 per month. The property is serviced by well water and septic tanks, both of which are in good working condition. The park presents multiple avenues for upside. There is one vacant apartment that can be leased for immediate revenue growth, as well as several vacant lots that can be filled with smaller homes or RVs given the compact lot sizes. Current rents across the community are more than $100 per month below market levels, creating additional opportunity through incremental rental adjustments. Over the long term, the park-owned homes can also be sold off to residents, reducing maintenance and management responsibilities while enhancing stability. This is a rare opportunity for an investor to acquire a stabilized property with clear value-add potential in one of Florida’s most sought-after and fast-growing coastal markets.
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Stuart, Florida, is a small coastal city located in southeastern Florida, within Martin County. It sits along the St. Lucie River and the Atlantic Ocean, offering a mix of waterfront charm and small-town character. Stuart is home to around 20, 000 residents and is known as the "Sailfish Capital of the World" for its rich fishing heritage. Founded in the early 20th century, Stuart developed as a hub for fishing and tourism, benefiting from its strategic coastal location. The city's economy has historically been tied to marine industries and hospitality, although it has diversified over time. Today, the local economy includes healthcare, education, and small businesses, but job growth has been modest. The median household income in Stuart is approximately $65, 495, which is about average for the United States. Housing costs, however, are relatively high, with a median home price around $398, 660. This discrepancy contributes to affordability challenges for many residents. There is a growing need for affordable housing options, such as manufactured homes, to support the community's diverse population. In summary, Stuart is a vibrant coastal community offering a blend of historic charm and natural beauty. While it provides a peaceful lifestyle for its residents, the city faces ongoing economic pressures and a critical need for more accessible, affordable housing solutions.