Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 15.0%
  • Listing ID: 472895
  • Posted On: Nov 2, 2014
  • Updated On: Feb 8, 2016

Description

A package of two mobile home parks located south Columbus, OH area. Both parks are high occupancy with many long term tenants. Both located in close proximity for management efficiency. One park has 24 pads/homes, 2 rental homes, 5 rental apartment units & billboard with rental income. Second park has 18 pads/homes,2 rental apartment units & one rental home. Both have income from the onsite laundry facility. Almost all the mobile homes are park owned.

More than $500,000 has been spent on upgrades including but not limited to: parking lot, park lights, new roofs, heaters, A/C units, hot water tanks, electrical systems, gas lines, water/sewage lines, kitchen counter-tops and flooring. Both parks are well mainlined with no major deferred maintenance issues.

Stable and long term management and maintenance personnel live on-site for years. Turn key investment with great cash flow. Some rents (SF homes) in excess of over $600 and some lower rents create the ability to add value and income immediately. More than 60 % of long term tenants are 50 years or older and on SSI or stable fixed income.
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Both are located on S High St, in Columbus, OH, South of 104. Close proximity to shopping & buslines.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 52
Total Occupancy: 100.0 %
Average MH Lot Rent: $395
Size: 3 acre(s)

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Average Rent for Park-owned Homes: $425

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