Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Listing ID: 107053
  • Posted On: Oct 18, 2011
  • Updated On: Apr 23, 2014

Description

We are offering a growth investment opportunity in the Northern Ohio Market with partial owner financing. This property is a mixed community which consists of 59 spaces (59 mobile home spaces, barn, large building with four 12’ new garage doors, office and income and free gas from gas well), Office, Laundry area, plus huge building with new roof and (4) new 14’ doors. Currently operates at a 60% occupancy. Historically, the occupancy has been above 90% . It needs focused marketing and units fixed to bring out its full potential. This property is very well known, given its long history in the community and its easy access to the freeway. Includes over 6 acres prime real estate in front of property on a major thorough fare and 19 acres ready to develop in the back of the property. Partners would like to sell to pursue different interest.

PARK INFORMATION:

AGE: 1965
ACREAGE: 6 developed, 13 undeveloped
RENT INCREASE: 5 years ago
ELECTRICAL SERVICE Utility company reads and bills
ROADS Updated and maintained On street parking and use of parking lots
City Water can be connected
City Sewer recently connected
Natural gas well
Manager & Maintenance: On site

Amenities

  • Laundromat
  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 59
Total Occupancy: 60.0 %
Year Built: 1965
Average MH Lot Rent: $250
Size: 6 acre(s)

Financial Information (Pro Forma)

Gross Income: $181
Operating Expense: $54
Net Operating Income: $127
Expense Ratio: 29.8 %

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 20
Average Rent for Park-owned Homes: $375

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