Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

MR LANDMAN LLC

CONTACT BROKER

Price: $1,000,000
Purchase Method: Cash, Seller Financing, New Loan
Listing ID: 6752522
Posted On: Oct 21, 2024
Updated On: Dec 11, 2024

Description

Woodland MHP is a 70-pad mobile home community situated on 5.81 acres in Cincinnati, OH. The current owner believes the park was developed in the late 1960s or early 1970s and has since provided an affordable housing option to the community. The property is zoned SF6 but is grandfathered as an RV/MHP (MHP 415). The park is not located in a flood zone and is currently managed remotely by the owner. The owners believe they may have a tenant who would make a good manager/greeter if the next ownership group desires some "boots on the ground." The park also employs a maintenance man.

The size of the pads in the park varies; however, the owner states they will accommodate 12 x 70 trailers. Currently, one trailer need to be removed from the premises. Of the 18 occupied pads in the park, four of the trailers are tenant-owned homes (TOHs), averaging $420/month. five are park-owned homes (POH) at $650/month, one RV at $500/month, and eight vacant POH. There are currently 52 vacant pads in the park. There is currently one tenant behind on rent. The park uses month-to-month leases for its residents, and tenants currently pay their rent at a local bank.

Woodland MHP is on public water and public sewer! The owner believes the majority of the water lines have been replaced with PCC. The sewer pipes are believed to be a mixture of clay and PVC (though he doesn't have a % to share regarding how much has been upgraded). The electrical pedestals are rated for 30-50 amps. The park has master meters for both water & electric and bills back to the tenants. The park currently pays for garbage service. The park roads are asphalt and considered to be in "fair" condition. The park handles all mowing and snow removal as needed.

When asked to describe the improvements they have made to the park since purchasing it:

"We removed seven homes, patched some of the streets, renovated several homes, made sewer line upgrades, completed electrical upgrades, and added new meters."

When asked what they would focus on if they were to continue operating the park:

"We would continue to focus on infill efforts and work on improving the landscaping around the park."

The broker of record for this listing is Stanley A. Stein, a licensed broker in the State of Ohio under License #151919. Jonathan Fisher with MR. LANDMAN, LLC is the cooperating out-of-state broker for this listing. Jonathan is a licensed broker in the State of Illinois under License #471.020503.

Location

Cincinnati is a city in and the county seat of Hamilton County, Ohio. The city is located on the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line with Kentucky. The population of Cincinnati was 309,317 in 2020, making it the third-most populous city in Ohio after Columbus and Cleveland and 64th in the United States. The city is the economic and cultural hub of the Cincinnati metropolitan area, Ohio's most populous metro area and the nation's 30th-largest with over 2.265 million residents.

Cincinnati has the twenty-eighth largest economy in the United States and the fifth largest in the Midwest, home to several Fortune 500 companies including Kroger, Procter & Gamble, and Fifth Third Bank. It is home to three professional sports teams: the Cincinnati Reds of Major League Baseball; the Cincinnati Bengals of the National Football League; and FC Cincinnati of Major League Soccer; it is also home to the Cincinnati Cyclones, a minor league ice hockey team. The city's largest institution of higher education, the University of Cincinnati, was founded in 1819 as a municipal college and is now ranked as one of the 50 largest in the United States. The Sixth Circuit Court of Appeals is based in the city.

Cincinnati is the birthplace of William Howard Taft, the 27th President and 10th Chief Justice of the United States. Recently, Cincinnati has been named among the 100 most livable cities in the world, at number 88, and is on many Best Places to Live lists, including Livability.com and U.S. News & World Report. Forbes ranked Cincinnati as the 5th best city for young professionals in 2023.

The median home cost in Cincinnati is $210,800. Home appreciation the last 10 years has been 86.6%. Home Appreciation in Cincinnati is up 16.6%.

Renters make up 49.0% of the Cincinnati population.

The average one-bedroom rental in Cincinnati rents for $820/month.
The average two-bedroom rental in Cincinnati rents for $1070/month.
The average three-bedroom rental in Cincinnati rents for $1,430/month.

Cincinnati has an unemployment rate of 4.9%. The US average is 6.0%.

Cincinnati has seen the job market decrease by -4.7% over the last year. Future job growth over the next ten years is predicted to be 29.8%, which is lower than the US average of 33.5%.

Cincinnati violent crime is 46.8. (The US average is 22.7)
Cincinnati property crime is 74.6. (The US average is 35.4)

The 10 largest employers in the Cincinnati metro area, along with their employee counts, are:

•Kroger Co. - The largest employer with over 20,000 employees. Kroger is headquartered in Cincinnati and operates numerous grocery stores across the U.S.
•University of Cincinnati - With over 16,000 employees, UC is a major public research university and employer in the region. •Cincinnati Children's Hospital Medical Center - Employing over 15,000, it is a top-ranked pediatric hospital.
•TriHealth - A major healthcare provider with over 12,000 employees, operating hospitals and medical facilities.
•Fifth Third Bank - A key player in the financial industry with around 7,500 employees.
•Procter & Gamble - The multinational consumer goods company employs around 10,000 in Cincinnati.
•St. Elizabeth Healthcare - Another major healthcare provider with around 8,000 employees across the region.
•UC Health - The University of Cincinnati's healthcare division employs around 7,500 employees.
•GE Aerospace - A division of General Electric, GE Aerospace has approximately 6,000 employees in the region.
•Cintas - A large provider of corporate uniforms and services, with around 5,000 employees.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Get Financing