282 MHC Sites-10.83% CAP-Ohio - for Sale in Bedford Heights, Ohio
25021 Aurora Road
Bedford Heights, OH 44146
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Mobile Home Park for Sale |
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| Number of MH Lots: | 282 |
| Size: | 21 acre(s) |
| Cap Rate: | 10.8% |
| Purchase Method: | New Loan |
| Status: | Sold |
| Property ID: | 106654 |
| Posted on: | Oct 11, 2011 |
| Updated on: | Mar 19, 2012 |
Property Description
Marcus & Millichap is pleased to present a 282 site MHC located in Bedford Heights, Ohio (Cleveland MSA). The Community offers an investor a strong cash flowing opportunity as it is currently 96% occupied with an average rent of $257 per month. The Community is on public water and sewer which is sub-metered to the tenants. The current owner has recently renovated a few streets in the community by combining lots to accommodate larger doublewide homes. The owner also repaved 4 of the 11 roads approximately two years ago. Not only does the Community make up 282 MHC sites, but it also has 58 storage units on-site that are available to the public, or tenants, to rent on a monthly basis.
The asset is situated only seconds away from two major thoroughfares in Cleveland, Interstate 480 and 271. This allows for tenants to quickly access many area attractions including, but not limited to, Beachwood Mall, Harvard Park, Thistledown Race Track and Downtown Cleveland. Also, within a short five minute drive is the brand new state of the art University Hospitals Ahuja's Medical Center.
The Community has an Ohio manufactured license for 300 total sites. The seller states that there are 282 usable sites.
Park Information
| Number of MH Lots: | 282 |
| Total Occupancy: | 96.0% |
| Average MH Lot Rent: | $257 |
| Size: | 21.0 acre(s) |
Financial Information
| Gross Income | $993,923 |
| Operating Expense | $403,443 |
| Net Operating Income | $590,480 |
| Expense Ratio | 40.6% |
| Debt Info |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Amenities and Other
| Storage: | Yes |
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