How do I sell this RV Park?

Question

There is an RV park. It's 0.58 acres and has 8 permanently attached rental units. The options for sale are to sell it as it is, or to sell off the RV's, then sell the land. The land is actually divided into 3 lots, according to the county. This land is zoned C-1 commercial. A very rich real estate investor once suggested to sell it as 3 lots to developers. How do I know what price each lot should be listed at? I don't know where to find comps for such a thing. All the neighboring properties are residential homes.

Joel Owens · Answer

You need a good commercial land broker or maybe a tenant rep broker who can bring you  a tenant. There are multiple MLS in commercial of various sizes.

The quality of the expert and their connections is likely more important than what MLS it goes on.

Patrick Philip · Answer

In commercial, do all brokers list in a centralized database like the MLS? I don't believe that they do. In which case, is it extremely important which brokerage I choose? Because only their clients will see the listing? Can I get commercial land listed on the MLS?

Joel Owens · Answer

Looks like you are on a secondary road which can take out half of buyers that would want the site. Good news is you only need one. If there are vacant buildings on main road frontage a tenant likely takes that first or an investor as they might can purchase for less per sq ft than it cost to buy land and build new.

You need a local commercial land broker to do an analysis for you on what is possible.

Patrick Philip · Answer

Here's a map of the location.

https://www.dropbox.com/s/69vuq4hgng1u214/Zellwood...

The parcel labeled with the point is the trailer park in question. It has a grandfather clause to even allow it to be used as a trailer park. I drew yellow vertical lines to show what the 3 lots look like that divide that parcel. The 3 green dots are all commercial. They are, from left to right, a dollar store, closed bank, and convenient store with no gas. The blue dot to the right of this parcel is residential. The other properties that are on the main road in this picture are commercial of various types, but there is nothing as large as the dollar store.

There is also a Post Office and Fire Station nearby. Everything else is residential, with a few empty commercial parcels and a church in there somewhere.

I would assume that it's all developable once the trailers are removed. I don't see why not. It is zoned C1, so I should be allowed to do anything within that zoning.

One thing that sticks out to me is that there is no frontage on the major highway.

The only issue with the deed that I'm aware of is that we allowed to County to pay us to test groundwater on the property because there was a diesel spill at the Fire Station a while back. This agreement with the County expires on 12/31/2020. Would that transfer with the sale?

Joel Owens · Answer

Hard to say.

Is it on the corner? What is the shape of the .58 acres? How much is developable? Do you have excluded uses with your zoning or any deed restrictions?

.58 acres likely looking at maybe a QSR fast food type place or a 2 top retail center etc.