Putnam County, Palatka, FL 32177

FINANCIAL PROFORMA – MOBILE / MODULAR HOME COMMUNITY 771 N Hwy 17 #2, Palatka, FL | ±5.66 Acres KEY ASSUMPTIONS (REVISED) Asking Price: $550,000 Total Acreage: 5.66 ± acres Net Buildable Acres: ~4.6 acres (after roads, setbacks, drainage) Density Used: 6 units per acre (conservative) Total Homes: 27 units Home Type: New single-wide or entry-level modular homes Rental Strategy: Park-owned homes DEVELOPMENT COSTS Land Acquisition Purchase Price: $675,000 Closing, Legal & Due Diligence (3%): $20,250 Total Land Cost: $695,250 Total Site Work: $621,000 Existing wells, electric poles, and generator materially reduce development risk, upfront capital, and timeline versus raw land. INCOME PROJECTION Rental Assumptions Average Rent per Home: $1,150 / month Annual Rent per Unit: $13,800 Gross Potential Income 27 units × $13,800 = $372,600 / year Vacancy Allowance (7%) −$26,082 Effective Gross Income: $346,518 OPERATING EXPENSES (32%) (Management, maintenance, insurance, reserves) Estimated Annual Expenses: $110,886 NET OPERATING INCOME (NOI) Stabilized NOI: $235,632 / year RETURN METRICS NOI: $235,632 Total Project Cost: $4,151,250 Stabilized Cap Rate: ~5.7% UPSIDE SCENARIOS Rent Growth (Affordable Market) Raise rents to $1,300 / month Projected NOI: ~$270,000 – $280,000 Additional Upside Opportunities Tenant-owned homes (pad rent model) Storage, laundry, or RV pad income Refinance after stabilization Density optimization (subject to zoning confirmation) INVESTOR-READY OPPORTUNITY OVERVIEW Utility-Ready Mobile Home Development Site | Highway Frontage | Palatka, FL Offered at $675,000, this 5.66± 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. 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 ~25–30 homes, generating a projected stabilized NOI of $235,000+ annually, with strong upside through rent growth and operational efficiencies. Ideal for mobile home park operators, modular developers, or yield-focused investors seeking durable cash flow in an underserved affordable housing market. Infrastructure in place Highway access Scalable income Long-term demand