Fantasy Island MHC 55+

The Offering

• Atlas Bay Commercial presents Fantasy Island MHC, a 57-site, 55+ manufactured housing community on 2.6 acres of canal frontage in St James City, on Pine Island in Lee County, Florida. All homes are tenant owned. The community operates on annual leases across all sites, with no transient or nightly inventory.
• The investment thesis is rate recovery, not lease-up. Physical occupancy stood at 89.5% on June 1, 2026, having recovered from approximately 53% reported in early 2024. That recovery is complete and documented. What has not moved with it is rent: the community averages $603 per site per month against a pro forma of $1,095, a gap of 83.3% to market rates.
• The property sustained damage in Hurricane Ian in September 2022 and again in a 2024 storm event. Twelve manufactured homes were demolished and removed between December 2022 and January 2023 at a documented cost of $62,030, part of $145,580 in total capital deployed by ownership through the recovery.

Property Overview

• Fantasy Island occupies a single 2.6-acre parcel with canal frontage, improved with 57 rentable sites and a clubhouse. The site mix is 36 manufactured housing sites and 21 sites currently on annual RV leases. Occupancy at June 1, 2026 was 33 of 36 MH sites and 18 of 21 RV sites.
• Every home in the community is tenant owned. There are no park-owned homes, no rental home inventory, and therefore no home maintenance, no depreciation on housing stock, and no personal property exposure for a buyer. This is a land-lease business.
• Water is public and billed directly to residents by the utility. Sewer is a private system owned and maintained by the community; it was confirmed functional following the storm events and a buyer should include it in any property condition assessment. Roads are paved and were confirmed clear and fully accessible. The clubhouse/office is onsite and in good condition; no clubhouse-derived income is included in the financial projections.
• The community is owner managed. No third-party management fee has been paid in any reporting period, and a market rate management fee has been underwritten into both the adjusted and pro forma figures rather than presented as savings.

Market and Location

• Pine Island sits on the Gulf side of Lee County, west of Fort Myers and north of Sanibel, reached by Stringfellow Road through Matlacha. St James City occupies the island's southern end. The island is residential and low density by design, with no high-rise development and no through traffic, and it has long drawn retirees from the Midwest and the Northeast.
• Demand for a 55+ land-lease community here is driven by retiree in-migration and by the price gap between Pine Island and the barrier islands to the south. Sanibel and Captiva sit within sight across the sound at multiples of Pine Island pricing. For a resident who wants water access, boat access, and a Gulf coast address without barrier island cost, Pine Island is the practical answer, and a 55+ land-lease community is the lowest cost point of entry available on the island.
• Canal frontage is the durable element. It cannot be replicated on a built-out island, the parcel is a single contiguous 2.6 acres, and the nine water and sewer served sites already demonstrate that residents pay a premium for position within the community.

Financial Summary

• Rental income runs at $369,000 annually, based on the June 1, 2026 rent roll of $30,750 per month annualized. Every figure below is stated on a Current Adjusted basis, which normalizes the most recent full year of reported results for one-time storm repair costs, one-time professional fees, a market rate management fee where none has been charged, and an insurance premium of $30,000 where none was booked in the reporting year.
• On that basis, effective gross income is $369,326, operating expenses are $150,312, and net operating income is $219,014. The operating expense ratio is 40.7%, or $2,637 per site.
• The pro forma reflects a stabilized third year at market rents of $1,150 per month for manufactured housing sites and $1,000 per month for RV sites, with 90% occupancy, 0.5% bad debt, and 0.5% concessions. It produces gross potential rent of $748,800 and net operating income of $508,644, a stabilized cap rate of 10.38% on the price guidance. The pro forma assumes no additional sites, no expansion, and no change in the physical plant beyond routine reserves.
• Real estate taxes carry a specific advantage for a buyer. The 2025 assessed value is $1,650,942 against annual taxes of $33,211. Florida caps annual assessed value growth on non-homestead property at 10% and does not reset that cap on a change of ownership. The parcel last transacted in May 2022 at approximately $5,000,000 and its assessed value did not reset then. A buyer at the price guidance would pay taxes on a base well below the purchase price for a number of years.

Value-Add Strategy

• Move rents to market. In-place rent averages $603 per site per month against a pro forma of $1,095. This is the primary driver and the entire gap between the going-in and stabilized returns. It requires no capital, only lease renewals executed on a schedule. Modeled in the pro forma at $1,150 for MH sites and $1,000 for RV sites.
• Lease the six vacant sites. Six of 57 sites were vacant at June 1, 2026. At pro forma rates these represent approximately $78,800 of additional annual gross potential. Modeled in the pro forma through the 90% stabilized occupancy assumption.
• Convert 21 RV sites to manufactured housing on elevated pads. This is the largest capital program available. Converting the RV sites to MH on storm-hardened elevated pads moves them from an average of $453 per month to the $1,150 MH pro forma rate, places the community fully within its MH-2 zoning, and reduces exposure in future storm events. Cost is estimated at $75,000 per pad with roughly 70% recoverable through sale of the home to the incoming resident. This program is modeled separately and is not included in the stabilized NOI above.

Offering Details and Contact

• Price guidance is $4,900,000, or $85,964 per developed site. The property is offered on an all-cash basis or subject to buyer financing. Seller financing is not offered at this time.
• The property is offered exclusively by Atlas Bay Commercial. Tours are by appointment only and are scheduled following execution of a confidentiality agreement and buyer registration in the deal room. Residents are not to be approached.
• Atlas Bay Commercial Dan Fischer, Managing Broker dan@atlasbay.co | 615-804-3579 | www.atlasbay.co

St James City and Pine Island, Lee County

• Pine Island sits on the Gulf side of Lee County, west of Fort Myers and north of Sanibel, reached by Stringfellow Road through Matlacha. St James City occupies the island's southern end, where the canal network reaches open water at Pine Island Sound.
• The island is residential and low density by design. There is no high-rise development, no through traffic and no commercial corridor, and the land base is effectively built out. That is what protects the character residents buy into, and it is also why comparable land-lease product is not being added to this market.
• Within one mile the population is 1,944, at a median household income of $110,224 and a median age of 70. Within five miles it is 8,909, at a median household income of $119,754. This is an established retirement market with income depth behind it, not an emerging one.
• Demand is driven by retiree in-migration and by the price gap to the barrier islands. Sanibel and Captiva sit within sight across the sound at multiples of Pine Island pricing. For a resident who wants water access, boat access and a Gulf coast address without barrier island cost, a 55+ land-lease community here is the lowest cost point of entry on the island.
• Boating organizes the local market. Canal frontage with access to Pine Island Sound supports year-round fishing and boating, and Matlacha, Bokeelia and St James City each carry an established marine services base. Outdoor recreation is a daily amenity here rather than a seasonal one, which supports the year-round annual lease structure the community operates on.
• Hurricane Ian made landfall directly on Pine Island in September 2022 and the island has since rebuilt. The community's own occupancy recovery, from approximately 53% in early 2024 to 89.5% at June 1, 2026, tracks that of the wider island. Storm exposure is real and should be underwritten deliberately: the elevated pad program described in the value-add section is the direct response to it.