1 Pecan St, Naples, FL 34114

Sunstone Real Estate Advisors is pleased to present Bickford, Iverson & Fritchey Trailer Park, a 43-site manufactured housing community located in Naples, Florida. The property is currently operating at approximately 95% economic occupancy (41 of 43 sites) with an average lot rent of approximately $630 per month, providing stable in-place cash flow. The community benefits from a simple operating structure and strong demand for affordable housing within one of the most supply-constrained and high-cost housing markets in the United States. With only two remaining economically vacant sites, the asset offers immediate upside through stabilization to full occupancy. The property’s positioning within Naples provides a compelling affordability alternative to conventional housing options, where rents are significantly higher across the broader market.

The underwriting reflects a value-add strategy centered on rent growth and full occupancy stabilization, with a clear path to increasing revenue through rental realignment. Average rents are projected to increase meaningfully over time, supported by the significant gap between manufactured housing costs and traditional apartment rents in the Naples market. Total revenue is projected to increase from approximately $374,000 currently to ~$640,000 by Year 5, driven primarily by rent increases and stabilization. Net Operating Income is projected to grow from approximately $227,500 to ~$440,000, reflecting both revenue growth and improving operating efficiency. Expense ratios decline from approximately 39% to ~31%, demonstrating operating leverage as revenues scale. Bickford, Iverson & Fritchey Trailer Park presents a compelling opportunity to acquire a stabilized asset with strong in-place cash flow and a clear path to long-term income growth in a high-barrier-to-entry market.