Arrowhead RV Resort
RV Park, 61 Sites Currently, 51 - 61 Expansion Sites, Favorable Seller Financing, 25% IRR
Marketing description
TO VIEW FINANCIALS, CLICK **VIEW OM” OR “SEE DUE DILIGENCE”, SIGN THE CONFIDENTIALITY AGREEMENT, AND YOU WILL HAVE IMMEDIATE ACCESS”. CONTACT JAMARI RIDORE WITH ANY QUESTIONS [email protected]
The MHP Value Team is pleased to present Arrowhead RV Resort, a 59-site RV park in Ely (+ one caretaker unit and one clubhouse), with the potential to expand to 112–120 total sites through a Conditional Use Permit (CUP), supported by acreage and discussions with the city.
Originally a mobile home park, the property was repositioned by the current owner into a higher-end RV resort and private membership concept, including planned amenities such as a clubhouse and sauna. While a significant portion of the redevelopment was completed, the project was not fully executed and operations ceased post-COVID-19 pandemic due to the owner’s shifting priorities.
This is a partially completed RV resort with substantial upfront work already completed, including approvals for 59 sites and the ability to pursue additional density via CUP modification. The property spans ~20 acres with additional undeveloped land capable of supporting expansion to 112–120 sites (subject to city approval), with the seller agreeing to fund required engineering and support the hearing and entitlement process.
The existing infrastructure includes 23 luxury full-hookup RV sites, 16 legacy concrete pads from the former MHP suitable for conversion, a clubhouse, and a park-owned home occupied by a caretaker. Personal property conveys, including ~19 custom electrical pedestals (in storage), clubhouse FF&E, a new John Deere mower, and much more. An investor has the opportunity to achieve a ~25% IRR while benefiting from low down payment seller financing and no payments in the first year, by leasing up existing sites, completing remaining development, and pursuing additional density.
Important Note to Prospective Buyers from Pace Morby: Congrats to all new members of the “Creative Finance” and “Subto” communities. We appreciate your interest and enthusiasm. Please note that we work exclusively with qualified, verified buyers. Our clients are not seeking first-time purchasers attempting to acquire mobile home parks with no capital investment. We will also not share proprietary Seller information with any intermediaries, including, but not limited to, scouts, “bird dogs,” or third parties.
Investment highlights
- Seller financing available with $100K down; 5-year interest-only at 5.5% with no payments for a year - qualified buyers only.
- True value-add opportunity with no current income; upside driven by lease-up of 23 sites and development of 35 additional entitled sites.
- A conditional use permit may allow expansion beyond the current 59 spaces, subject to city approval. Offers may be contingent upon obtaining an updated permit for additional spaces, with the seller covering engineering and city hearing costs to update CUP.
- There are 16 more acres of undeveloped land, and initial discussions with the city indicate between 112 - 120 spaces
- Clear path to ~$420K in revenue and ~$200K+ NOI within 5 years under a seasonal model, with additional upside via monthly/transient mix.
- Strong location adjacent to Vermilion College and positioned as a gateway to the Boundary Waters Canoe Area Wilderness (BWCAW), one of the most visited wilderness areas in the United States
- Only privately owned RV campground with full hook-ups within the immediate trade, creating a competitive supply advantage.
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