06/15/2026
๐ 771 N Hwy 17 #2, Palatka, FL | ยฑ5.66 Acres
๐ข KEY ASSUMPTIONS (REVISED)
๐ฐ Asking Price: $550,000
๐ Total Acreage: 5.66 ยฑ acres
๐ Net Buildable Acres: ~4.6 acres (after roads, setbacks, drainage)
๐ Density Used: 6 units per acre (conservative)
๐ Total Homes: 27 units
๐ก Home Type: New single-wide or entry-level modular homes
๐ Rental Strategy: Park-owned homes
๐ DEVELOPMENT COSTS
๐ Land Acquisition
๐ต Purchase Price: $675,000
๐งพ Closing, Legal & Due Diligence (3%): $20,250
โก Total Land Cost: $695,250
๐ง Total Site Work: $621,000
โ ๏ธ Existing wells, electric poles, and generator materially reduce development risk, upfront capital, and timeline versus raw land.
๐ INCOME PROJECTION
๐ท Rental Assumptions
๐ฒ Average Rent per Home: $1,150 / month
๐ Annual Rent per Unit: $13,800
๐ Gross Potential Income
27 units ร $13,800 = $372,600 / year
๐ Vacancy Allowance (7%)
โ$26,082
โก Effective Gross Income: $346,518
๐งฎ OPERATING EXPENSES (32%)
(Management, maintenance, insurance, reserves)
๐ผ Estimated Annual Expenses: $110,886
๐ต NET OPERATING INCOME (NOI)
โก Stabilized NOI: $235,632 / year
๐ RETURN METRICS
๐ฐ NOI: $235,632
๐งฑ Total Project Cost: $4,151,250
โก Stabilized Cap Rate: ~5.7%
๐ UPSIDE SCENARIOS
๐ Rent Growth (Affordable Market)
Raise rents to $1,300 / month
Projected NOI: ~$270,000 โ $280,000
๐ก Additional Upside Opportunities
๐ Tenant-owned homes (pad rent model)
๐งบ Storage, laundry, or RV pad income
๐ Refinance after stabilization
๐ Density optimization (subject to zoning confirmation)
๐งฒ INVESTOR-READY OPPORTUNITY OVERVIEW
โก Utility-Ready Mobile Home Development Site | Highway Frontage | Palatka, FL
๐ฐ Offered at $675,000, this 5.66ยฑ acre parcel presents a rare opportunity to develop a cash-flowing mobile or modular home community with critical infrastructure already in place. Strategically located along US Highway 17 near Hwy 20, the property benefits from excellent access, visibility, and durable demand drivers.
๐ The site includes two 8,000-gallon wells, multiple electric poles, and a main generator, significantly reducing development risk, upfront capital requirements, and time to stabilization. Preliminary density supports ~25โ30 homes, generating a projected stabilized NOI of $235,000+ annually, with strong upside through rent growth and operational efficiencies.
๐ฏ Ideal for mobile home park operators, modular developers, or yield-focused investors seeking durable cash flow in an underserved affordable housing market.
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Infrastructure in place
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Highway access
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Scalable income
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Long-term demand
DM IGNIS HOMES for details.
Buyer to verify all details independently.
Call/text (321) 217-5362