Misty Morning Campground

Cloverdale, Indiana, is a small town in Putnam County, nestled about 40 miles west of Indianapolis. With roughly 2,200 residents, it offers a peaceful, close-knit atmosphere steeped in history. The town, established in 1839, was named for the abundant clover in its dales, and remains rich in heritage—local projects like the History Center and community garden reflect a strong commitment to culture and identity. Cloverdale’s economy is anchored by manufacturing, retail, and service sectors, with many residents working in production, administrative support, and maintenance trades. The median household income hovers around $45,000. Housing remains unaffordable, with median property values around $200,000 and monthly two bedroom rent costing around $900, signaling the demand and need for affordable housing. In summary, Cloverdale is a historic and resilient town offering tranquility, community pride, and state parks. To sustain its vitality as it evolves, thoughtful attention to expanding accessible, affordable housing—such as manufactured homes—could help meet the needs of all residents.Listing broker JENNIFER STEIN REAL ESTATE, INC. in conjunction with out-of-state cooperating broker OtherStreet Advisors is pleased to offer for sale Misty Morning Campground, a 199-site mobile home community located in Cloverdale, IN. The community currently includes 32 occupied month-to-month sites. Of these, 20 sites are paying $500/m plus a flat fee of $65/m for water and sewer while covering their own electric, and 12 sites are paying $700/m with utilities included. Beyond the monthly sites, there are 40 seasonal sites occupied from April 1 through October 1, paying an average of $1,283 per season along with $15/m for water and separate electric. The property also generates income from two transient tent sites at $25/day, one cabin rented for $1,485 per season, 18 storage units at $29/m, and four outdoor storage units at $40/m. Vacancy presents a clear upside for growth. Currently, there are 11 vacant monthly sites, 50 vacant seasonal sites, four cabins (two rent-ready and two in need of renovation), one empty storage unit, and 16 outdoor storage spaces available. In addition to rental units, the property offers a large pole barn for storage, an office, and a shower house. The campground is rich with amenities, making it an attractive destination for both long-term and seasonal tenants. Features include a basketball court, volleyball court, horseshoes, playgrounds, laundry facilities, free Wi- Fi, and two fully stocked fishing ponds. These amenities create a highly marketable environment that has yet to be fully capitalized on, as most of the current occupancy is driven by word of mouth. An immediate investment strategy would be to transition all monthly tenants to a flat $700/m rate while driving occupancy through targeted outreach to RV tenants, year-round tiny homes, and mobile homes. With greater marketing efforts, there is also a significant opportunity to increase revenue from seasonal RV sites by showcasing the campground’s extensive amenities. A new investor has the opportunity to buy this park with 8% cap rate and 7% cash on cash returns day 1, while driving occupancy and unit type conversions for higher returns.