Bel-Aire1
Bel-Aire1
Bel-Aire2
Bel-Aire2
Liberty1
Liberty1
Liberty2
Liberty2
Bel-Aire1
Bel-Aire2
Liberty1
Liberty2

Mobile Home Park Details

  • Cap Rate: 11.1%
  • Listing ID: 101508
  • Posted On: Jul 11, 2011
  • Updated On: Aug 27, 2012

Description

Marcus & Millichap is pleased to present the Toledo MHC Portfolio. The offering consists of Bel-Aire Mobile Home Park, located at 3019 Nebraska Avenue which is licensed for 124 sites. The other community is Liberty Mobile Home Park which is situated only .6 miles from Bel-Aire and located at 2410 Nebraska Avenue. Liberty is licensed for 71 sites, but due to recent renovations and reconfigurations you are able to put approximately 63 lots in the community along with the three apartment units that are currently occupied on-site. The portfolio sits blocks away from the main campus of the University of Toledo and is just down the road from the University of Toledo South Campus-Scott Park. The portfolio is currently 95.5 percent occupied and is on public water and sewer. The tenants are billed by a third party company for their water/sewer usage and the owner bills back for trash. Rents are at or below the market standard, ranging from $250-$300 per month.

Amenities

  • Laundromat
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Park Information

Number of MH Lots: 190
Total Occupancy: 95.5 %
Average MH Lot Rent: $260
Size: 27 acre(s)

Financial Information

Gross Income: $627,712
Operating Expense: $229,956
Net Operating Income: $397,756
Expense Ratio: 36.6 %

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

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