Barefoot Bay is a fully developed waterfront subdivision on Lake Eufaula, featuring 23 deeded residential lots. The property offers a rare opportunity for developers to acquire 3 completed homes and all remaining build-ready lots, with all utilities and development fees paid. Up-and-coming area with property values increasing steadily.
Key Highlights:
23 total homes planned
3 completed homes included
Average home size: 1,790 sq ft
First home sold at $241 per sq ft (~$431K per home)
All lots are ready for immediate construction
Full access to 45,000-acre Lake Eufaula
Only known property with deeded lake-access lots
Asking Price (Entire Project): $2.1 Million
Development Status
Water: Installed & Paid
Sewer: Installed & Paid
Power: Installed & Paid
Road Infrastructure: Lot-ready, partially paved
Development Fees: Paid
Lots Build-Ready: 23 total, 19 remaining
Developer Pro-Forma (Conservative)
Assumptions:
Remaining lots to build: 20 (3 completed homes already sold/included)
Average home size: 1,790 sq ft
Sale price per sq ft: $241 (validated by first home sale)
Estimated construction cost per sq ft: $120 (conservative)
Average Home Sale Price: 1,790 × $241 = $431,390
Estimated Construction Cost: 1,790 × $120 = $214,800
Gross Margin per Home: $431,390 − $214,800 = $216,590
Total Homes to Sell (Remaining 20 lots): 20 × $431,390 = $8,627,800
Total Construction Costs (Remaining 20 homes): 20 × $214,800 = $4,296,000
Total Gross Profit (Remaining Lots): $8,627,800 − $4,296,000 = $4,331,800
Including 3 Completed Homes:
Sale proceeds already realized: 3 × $431,390 = $1,294,170
Total potential gross revenue: $8,627,800 + $1,294,170 ≈ $9.92 Million
Total estimated construction cost: $4,296,000 + cost of completed homes (assume $214,800 × 3 = $644,400) ≈ $4.94 Million
Total potential gross profit ≈ $4.98 Million
Entry Price vs Potential:
Purchase Price: $2.1 Million
Potential Gross Revenue: ~$9.92 Million
Projected Gross Profit: ~$4.98 Million
Margin on Entry Price: ~237% (before financing, marketing, and soft costs)
Unique Value Proposition for Developers
Deeded Lake Access: Extremely limited inventory with permanent lake rights.
Proven Pricing: First home sold at $241/sq ft confirms market demand.
Low-Risk Entry: All utilities and development costs paid; lots are build-ready.
Immediate Cash Flow: 3 homes already completed, 20 lots ready for construction.
Strong Exit Potential: Phased build-to-sell or portfolio sale; high-demand waterfront buyers.
