Mobile Home Park Details

Purchase Method: Seller Financing
Cap Rate: 12.3%
Listing ID: 1709473
Posted On: Jul 11, 2022
Updated On: Sep 19, 2022

Description

SELLER FINANCING AVAILABLE

Parkview Manufactured Home Community is a 35-site community on city utilities located in Fayette, OH. There are 14 resident owned homes, 10 community owned homes, and 11 empty lots. All homes in the park are 100% occupied. The current owners have operated the property for many decades and are ready to retire. Because of their proximity to the property, they have operated a lucrative rental model at the community which is the reason for 10 community owned rentals which have been kept in good shape. Due to their lack of awareness of comparable properties, lot rent – at $150 – and home rent – at an average of $365 – are well below competitors in the area. Residents pay all utilities directly to the provider except for water/sewer which the owner reads the meters and bills back for usage. A new operator has the opportunity to step into a well-operating property with plenty of upside while enjoying the benefits of financing the property from the seller.

Ideal Seller Finance Terms:
20% Down Payment
80% LTV
$2,000/month interest payments for 5-10 years
Balloon Payment of remaining principle balance at end of 5-10 year term

Location

Located just 45 west of the city of Toledo. Fulton County is rich in the tradition of agriculture and manufacturing, Fulton County, Ohio, offers a skilled and motivated workforce, a transportation infrastructure that makes it easy to reach customers throughout the Midwest, the Southeast and the East Coast of the United States as well as major marketplaces in Canada, water resources and a modern infrastructure. Businesses have all of the resources necessary to thrive in Fulton County.

A high quality livelihood is also offered in Fulton County. The school systems and libraries are excellent and the parks and outdoor recreational activities are top-notch. The county’s proximity to major metropolitan areas also provide residents of Fulton County with endless cultural opportunities; without leaving the county residents also experience culture by visiting Sauder Village, the Fulton County Fairgrounds or one of the many festivals offered throughout the year in each of the communities in the county.

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