5706 Coleman WayVon Ormy, TX 78073

For Sale
$10,490,000

Texas RV Park & Development Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
93
Exceptional investment opportunity: a 238-acre RV park and mobile home development in Von Ormy, Texas, boasting a 9% cap rate and $262,400 NOI. This Class B property, built in 1973 and renovated in 2023, features 950 units across 10,165 pads, currently operating at 89% occupancy. The park includes four buildings, a manager's home, and a cabin, offering a mix of full hookup RV spaces, tent sites, and various RV storage options. Located just 13 miles from downtown San Antonio and 1.5 miles from I-35, this property benefits from its proximity to major employers and the city's strong RV market. The property is zoned for MH/RV and entertainment districts, and includes a shovel-ready expansion plan for an additional 150 RV or mobile home sites, with entitlements for a further 800 sites. This significant expansion potential, combined with the existing income stream and location within an Opportunity Zone, presents a compelling value-add opportunity. The asking price is $10,490,000, or $10,164.73 per pad. Current rental rates are mid-range for the local market, with potential for increases through further amenity development. The property's existing infrastructure includes city utilities, and complete permits and plans are in place for Phase 1 expansion. The potential for long-term growth and profitability is substantial, making this a rare and attractive investment.

Highlights

  • Valuation based on 2024 projected income, reflecting 2-3% higher occupancy and RV storage revenue.
  • 74 RV sites (full hookup), 6 tent sites, 1 cabin, and 1 manager's home; site conditions vary.
  • RV sites range from deluxe to standard, including four 30-amp only sites.
  • RV storage projected to generate $25,000 in 2024 revenue.
  • Rental rates are competitive at $55+, $330+, and $700+.
  • Future amenity additions and site improvements needed to enhance competitiveness.

Property Details for 5706 Coleman Way

Property type
Multifamily properties, Mobile home & RV parks
Class
B
Year Built/Renovated
1973/2023
Buildings
4
Lot Size (sq. ft)
10,367,280 SF
Units
950

Location Insight

City
Von Ormy
County
Bexar
State
Texas
Latitude
29.2917276
Longitude
-98.6173974
5706 Coleman Way, Von Ormy, Texas

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5706 Coleman Way
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