Skip to main content

Commercial

Fully Permitted RV / Tiny Home Development Site

111 Westbrook Ln, Elgin, TX 78621

Listing Price: $3,180,000

Lot Size
24.00 acres
Price/Acre
$132,500
Land Type
Land

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the tentatively approved RV/Tiny Home Site located at 111 Westbrook Ln in Elgin, Texas. This 24 acre site is situated proximate to the corner of Westbrook Ln & FM 3000. Ownership has received verbal approval on the site plan from the City of Elgin for an RV park with 182 pads and would secure written approval from the City during buyer's feasibility period. Seller also has a development and site plan for 157 Tiny Homes which the City has verbally approved. While the site is in the ETJ, ownership has worked with the City of Elgin to tap in to both city water and sewer for the site (city limits is across the street). The property is located in the qualified opportunity zone (QOZ), which could provide additional tax benefits for the developer.

The site resides a mere 0.8 miles from the City center, and 1.8 miles from US 290, the major thoroughfare between Elgin and Austin, TX. Growth in Elgin has been strong - a 22.9 percent population increase was recorded between 2010-2022 with an average household income of $79,339, both within 3 miles of the site.

Ownership has site plans approved for both 182 pads (and 157 pads for either RVs or a Tiny Home development), and both illustrate strong return metrics for development. At 182 pads, after construction costs per pad of $28,000, a LTC of 65 percent with a 7.50 percent interest rate IO (construction), developing & leasing the park to 85 percent occupancy, and a disposition in Year 5 at a 7.50 percent CAP rate, this deal provides for a 7.89 percent cash-on-cash in Year 1, and a terminal equity multiple of 2.71x and IRR of 26 percent. Please see attached financial model and assumptions for details.

Investment Highlights

  • Potential Terminal IRR of 26 Percent and Equity Multiple of 2.71 Times Initial Investment - Please See Financial Model for Details
  • Tentatively Approved Site Plan for either 182 Pads or 157 pads
  • Site Resides in the Qualified Opportunity Zone (QOZ) and Elgin ETJ
  • Utilities via the City of Elgin (Water, Wastewater)
  • Strong Nearby Growth - a 22.9 Percent Population Increase was Recorded between 2010-2022 with an Average Household Income of $79,339, both Within 3 Miles of the Site

Exclusively Listed By

Financing By

Commercial

Fully Permitted RV / Tiny Home Development Site

Listing Price: $3,180,000

Lot Size
24.00 acres
Price/Acre
$132,500
Land Type
Land

Investment Highlights

  • Potential Terminal IRR of 26 Percent and Equity Multiple of 2.71 Times Initial Investment - Please See Financial Model for Details
  • Tentatively Approved Site Plan for either 182 Pads or 157 pads
  • Site Resides in the Qualified Opportunity Zone (QOZ) and Elgin ETJ
  • Utilities via the City of Elgin (Water, Wastewater)
  • Strong Nearby Growth - a 22.9 Percent Population Increase was Recorded between 2010-2022 with an Average Household Income of $79,339, both Within 3 Miles of the Site

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the tentatively approved RV/Tiny Home Site located at 111 Westbrook Ln in Elgin, Texas. This 24 acre site is situated proximate to the corner of Westbrook Ln & FM 3000. Ownership has received verbal approval on the site plan from the City of Elgin for an RV park with 182 pads and would secure written approval from the City during buyer's feasibility period. Seller also has a development and site plan for 157 Tiny Homes which the City has verbally approved. While the site is in the ETJ, ownership has worked with the City of Elgin to tap in to both city water and sewer for the site (city limits is across the street). The property is located in the qualified opportunity zone (QOZ), which could provide additional tax benefits for the developer. The site resides a mere 0.8 miles from the City center, and 1.8 miles from US 290, the major thoroughfare between Elgin and Austin, TX. Growth in Elgin has been strong - a 22.9 percent population increase was recorded between 2010-2022 with an average household income of $79,339, both within 3 miles of the site. Ownership has site plans approved for both 182 pads (and 157 pads for either RVs or a Tiny Home development), and both illustrate strong return metrics for development. At 182 pads, after construction costs per pad of $28,000, a LTC of 65 percent with a 7.50 percent interest rate IO (construction), developing & leasing the park to 85 percent occupancy, and a disposition in Year 5 at a 7.50 percent CAP rate, this deal provides for a 7.89 percent cash-on-cash in Year 1, and a terminal equity multiple of 2.71x and IRR of 26 percent. Please see attached financial model and assumptions for details.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower