Contact Information

Glenn Esterson
License: NC: 272218

Marcus & Millichap, Charlotte

CONTACT BROKER

Price: $3,000,000
Cap Rate: 7.2%
Listing ID: 6769661
Posted On: Nov 14, 2024
Updated On: Nov 14, 2024

Description

The Esterson MHC Team is pleased to present Oakridge MHC, a value-add investment with 112 MH lots and significant upside through infill.

The community is centrally located in Marion, OH which has a population of approximately 65,000. The area boasts a well-trained and productive workforce that supports a diverse employment base, including sectors like manufacturing, logistics, and education. The city of Marion has a population of around 36,000 and is known for its rich history and community-centered culture. Located along major transportation routes, Marion serves as a strategic hub for industries connected to central Ohio, the Midwest, and beyond. The diverse industrial base includes steel production, appliance manufacturing, and agricultural machinery, making Marion a critical component of the region’s economic vitality.

Oakridge MHC has 112 active lots: 34 tenant owned homes (TOH), 16 rent to own (RTO), 0 park owned homes (POH) and 62 vacant lots. All of the 62 vacant lots are home ready. The average lot rental rate per month is $410. The average RTO rental rate is $446 per month.

Oakridge MHC is serviced by private water and public sewer. Tenants are responsible for all utility payments and they are billed directly to tenants. Trash is serviced by curbside bins and is billed directly to tenants. Electricity is also billed directly to tenants. All utility systems are in working order. The roads are privately paved and in average condition. The park is not affected by a flood zone and it is not in an opportunity zone.

Oakridge MHC is currently managed by an onsite manager who oversees day-to-day operations. This community is priced at $3,000,000, including all park-owned homes, and presents a value-add opportunity for investors looking to acquire a cash-flowing asset with further upside potential. Both conventional recourse, non-recourse and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, and a list of due diligence requirements.

Location

The Marion, OH Metropolitan Statistical Area (MSA), historically known for its manufacturing roots and agricultural heritage, has developed into a diversified economy over the years. Marion is home to a variety of industries, with growing sectors in logistics, education, and healthcare. Major employers in the region include Nucor Steel Marion, Whirlpool Corporation, and Marion Technical College, all of which play pivotal roles in supporting the local workforce and providing educational and healthcare services to the area.

Marion’s urban core offers a blend of historic Midwestern charm and modern amenities, characterized by a revitalized downtown, cultural attractions, and welcoming neighborhoods. The MSA encompasses both suburban communities and surrounding rural areas, catering to residents seeking both urban convenience and a more relaxed, rural lifestyle.

Residents of the Marion MSA enjoy various recreational opportunities, including access to Marion Tallgrass Trail, local parks, and historic sites such as the Harding Presidential Sites. The combination of a stable economy, quality educational institutions, and outdoor amenities makes the Marion MSA an attractive place to live, work, and invest.

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