Peacock Cove RV Park
8590 Us Highway 441 SE | Okeechobee, FL 34974-9551, US
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Listing broker OtherStreet Advisors, is pleased to offer for sale Peacock Cove, a 10- unit mixed-use community located in Okeechobee, FL. This community sitting directly on Lake Okeechobee, offering private boat access and a steady stream of income from a mix of RV sites, park-owned homes, and one single-family residence. Located on just over 1 acre in a commercial zone, the property benefits from direct lake access, a high-demand seasonal rental market, and stable year-round tenants, most of whom are over 55 and long-term residents. We are asking $850k and the sellers are willing to finance up to $150k in 2nd position at a 5% interest rate, interest only with a balloon payment at the end of year 5. The site mix includes 6 RV sites of which 4 are occupied averaging $661/mo, 3 park model park-owned homes averaging $1, 095/m, and a $1, 495/mo single-family home. Physical and economic occupancy are both at 100%. The park is currently generating over $55K in NOI with room to increase rents toward market levels, particularly on the POHs and house. Infrastructure includes a deep well with updated chlorine system and pumps, PVC lines, 4 septic tanks rated for 12 units, and submetered electric with tenant reimbursements. Roads and driveways are shell rock and well-maintained by the onsite manager, who is aware of the sale and willing to stay on. With Okeechobee's reputation as a fishing and boating destination, this property presents a unique opportunity to own a stabilized asset with both seasonal appeal and long-term cash flow potential. Priced at $850, 000—just $85K per site—this lakefront MHP offers significant upside on future rent growth and infill if a lift station is installed to activate the final 2 RV sites.
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Okeechobee, Florida, is a small city located in south-central Florida near the northern edge of Lake Okeechobee, the largest freshwater lake in the state. It serves as the county seat of Okeechobee County and plays a central role in the region’s agricultural and rural economy. With a population of around 5, 700 residents, Okeechobee combines a close-knit community atmosphere with strong ties to its farming and ranching heritage. The city developed steadily through the 20th century due to its success in cattle ranching, crop production, and its strategic location near water and transportation routes. While agriculture remains a cornerstone of the economy, limited diversification and industrial development have impacted long-term economic growth. Today, public services, retail, and seasonal tourism contribute to the local economy, but challenges persist. The median household income is well below the national average, and many residents face economic hardship, especially in rural and underserved areas. Affordable housing is a pressing concern, with a shortage of newer homes and rising demand among low- and moderate-income families. Much of the housing stock is aging, and investment in mixed-income and multi-family developments is needed to meet current and future needs. In summary, Okeechobee maintains its identity as a historic rural city rooted in agriculture, but it continues to face important challenges related to economic opportunity and housing affordability.