Contact Information

Mobile Home Park Details

  • Price: $1,100,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.1%
  • Listing ID: 6682701
  • Posted On: Aug 2, 2024
  • Updated On: Aug 9, 2024

Description

Recent Improvements
• The subject property was purchased as a distressed property in
February 2023. The current owners have made repairs to the
infrastructure, remodeled homes, and brought in new tenants to lease up the park to near capacity. As of July 2024, there are only 2 vacant
lots.
• Current owners have remodeled 9 homes since the purchase of the
park. 8 of the 9 homes that were remodeled have been sold to tenants. They currently have a newly remodeled home for sale that will be sold
to a new tenant prior to the sale of the park.
• Additional improvements to the community include: replacing two
electrical poles, separating electric meter for the apartment on-site,
adding 5 storage units, and cleaning up the main building and exterior
grounds.

Rental Payment Information
• Owners receive rental payments for lot rent, storage units, and one
apartment on site. There are currently 3 tenants that live in RVs on
the property. They pay the same amount in lot rent as the mobile
homes.
• Current monthly rents are as follows:
- Lot Rent: $365
- RV Lot Rent: $365
- Storage Rent: $25-$100
- Apartment Rent: $725
• Last rental increase was in March 2023.
• Rent is paid online via Innago or a check/money order that is mailed
directly to the park owner.

Utility and Infrastructure Description
• The current utilities are as follows:
- Water/Sewer - Municipal - Billed Back to Tenants
- Garbage - Republic Services (Dumpster) - Billed Back to Tenants
- Electric - First Energy - Directly Billed to Tenants
- Natural Gas - Columbia Gas - Directly Billed to Tenants
• The roads are maintained by the park owner and are gravel. They are
in need of additional rock or to be paved by the future owner.

Location

Lorain, Ohio
• Lorain, Ohio is located in Lorain County, off the coast of Lake Erie,
30 miles west of Cleveland. It has held a steady population of
approximately 65,000 people for the last 10 years.
• The current population of Lorain County is nearly 320,000. Between the years of 2017-2022, Lorain County saw a population
increase of 3% (0.5% higher than the national average and 2.2%
higher than Ohio's average).
• The average household income in Lorain, Ohio is over $46,500. The
community saw an increase in household income of over 10%
between 2021 and 2022 (from $42,201 to $46,562).
- Lorain, Ohio, much like the rest of the region, is home to a large
number of skilled trade and labor careers. The largest industries in
Lorain are: Manufacturing, Health Care/Social Assistance, and
Retail Trade.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 26
Total Occupancy: 92.0 %
Average MH Lot Rent: $365
Size: 3 acre(s)

Financial Information (Actual)

Gross Income: $131,400
Operating Expense: $41,900
Net Operating Income: $89,500
Expense Ratio: 31.9 %

Lot Information

Singlewide Lots: 23

RV Information

Number of RV Lots: 3
Average RV Lot Rent: $365

Utility Information

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

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