Mobile Home Park Details
- Cap Rate: 7.3%
- Listing ID: 841162
- Posted On: Aug 4, 2017
- Updated On: Jan 17, 2018
Description
Marcus & Millichap is pleased to present the opportunity to acquire a manufactured housing community located in Oregonia, Ohio. Wayne Mobile Home Park is a 93 percent occupied, all age community situated on 12.56 acres. The community conisists of 71 sites and three apartments with an average rent of $355.00 and $30.00 for water and sewer which are billed back to the tenants.
Wayne Mobile Home Park is located approximately 10 miles from the southern Dayton suburb of Centerville, Ohio and around 25 minutes from the northern suburbs of Cincinnati, Ohio. Caeser Creek Lake and State Park is roughly an eight minute drive from the community providing its tenants with the opportunity to fis h, swim and utilize the hiking and biking trails.
Over the past couple of years, the park underwent major improvements totaling
$181,000. These improvements included upgrading the sewage treatment plant to EPA standards, installation of a large generator, dual water supply system consisting of 2 wells, 2 pumps and 2 large storage tanks, and replacement of all electric disconnects in the park.
At the current price of $3,250,000 (does not include homes) an investor can assume a 7.29% Year 1 cap rate and an approximate 14.29% total return.
Location
Caeser Creek Lake and State Park is roughly an eight minute drive from the community providing its tenants with the opportunity to fish, swim and utilize the hiking and biking trails.
Park Information
Community Type: | All Age |
Number of MH Lots: | 71 |
Total Occupancy: | 93.0 % |
Year Built: | 1971 |
Average MH Lot Rent: | $385 |
Size: | 13 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $327,420 |
Operating Expense: | $90,562 |
Net Operating Income: | $236,858 |
Expense Ratio: | 27.7 % |
Lot Information
Singlewide Lots: | 71 |
Utility Information
Water: | Well |
Water Paid By: | Park |
Sewer: | Treatment Plant |