Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 9.3%
  • Listing ID: 16606
  • Posted On: Sep 21, 2010
  • Updated On: Jun 15, 2011

Description

Hamlet MHP, located in Ravena, Ohio consists of 112 licensed sites that is situated at a crossroads of three state routes (14, 59 and five). This allows tenants easy access to Cleveland (31 miles), Akron (21 miles) and Kent (seven miles). Hamlet is currently 75 percent occupied with 28 vacant lots. The owner owns five vacant homes as of June 2010 which they will either sell at closing to the buyer or they will retain the titles and continue paying lot rent post closing. The community is on public water and there is a private sewer treatment plant that was recently upgraded. The owner put approximately $85,000 into upgrading the sewer treatment plant six years ago. Most of the tenants pay $236.75 per month in lot rent and are charged an additional $9.25 per month for a sanitation fee, $1.00 per month for a storm water fee and $10 per month should they choose to have a pet. The tenants are also responsible for paying for their usage of water and sewer which is sub-metered and billed by the Owner. The current owner would be interested in continuing managing the community since MHP management is their primary business. Please contact the listing agent for more details.

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Park Information

Community Type: All Age
Number of MH Lots: 112
Total Occupancy: 75.0 %
Year Built: 1965
Average MH Lot Rent: $237
Size: 28 acre(s)

Financial Information

Gross Income: $253,858
Operating Expense: $88,716
Net Operating Income: $165,142
Expense Ratio: 34.9 %

Utility Information

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

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