Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 8.3%
- Listing ID: 18533
- Posted On: Dec 7, 2010
- Updated On: Jun 15, 2011
Description
Marcus & Millichap is pleased to present a 303 Site MHC Portfolio in NE Ohio. The offering consists of Jacques Mobile Home Park which is 167 sites located in Chardon, Ohio. The City of Chardon is the County Seat in Geauga County. Geauga County was named by Forbes Magazine as the fourth 'Best Place to Raise a Family' in 2008. The community itself sits on a heavily trafficked state route which allows for high visibility. The second community that is a part of the portfolio is Mobile Grove. Mobile Grove consists of 136 mobile home sites and 76 self storage units. The community is located in the most northeastern tip of Ohio and is only two miles from the Ohio/Pennsylvania state line. The City itself has over seven miles of shoreline along Lake Erie.
Jacques and Mobile Grove will offer an investor two well run assets with high occupancy and strong cash flows. Jacques is currently 90 percent occupied and Mobile Grove is 92 percent. Mobile Grove is on public utilities and Jacques is on public water and a private sewer treatment plant. The tenants are being billed back on a monthly basis for their water consumption and sewer usage.
The communities are being offered as a portfolio but could be bought individually.
MOBILE GROVE ADDRESS: 202 W. MAIN STREET, CONNEAUT, OHIO
Amenities
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 303 |
Total Occupancy: | 91.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $275 |
Size: | 128 acre(s) |
Financial Information
Gross Income: | $1,002,808 |
Operating Expense: | $378,704 |
Net Operating Income: | $624,104 |
Expense Ratio: | 37.8 % |