Capstone Manufactured Housing is pleased to present MHI’s
2020 Land Lease Community of the Year: Beach Cove, an 80-site manufactured
housing community located in Sebastian, Florida. Situated on 31.57± acres, there is excess
land permitted to develop 58 additional sites. At the current lot rents, an
additional 58 sites will increase the annual gross potential income by
$438,840. Furthermore, there are 18 vacant developed sites which a new owner
can focus on filling to realize immediate income. Neighboring manufactured
housing communities have an average occupancy of 96%; thus, the vacant and
undeveloped sites present an enormous value-add opportunity.
At this 55+ community, residents enjoy resort-like amenities
including a clubhouse, swimming pool, and tiki hut. With the beautifully
manicured landscaping and palm trees lining the paved roads, Beach Cove
resembles a premier Florida neighborhood. This offering presents the unique
opportunity to acquire an institutional-level asset with substantial rental
upside and land development.