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Mobile Home Park Details

Purchase Method: Cash
Listing ID: 618322
Posted On: Jan 12, 2016
Updated On: Jun 3, 2016

Description

- Opportunity to acquire two recently foreclosed communities consisting of 191 sites an hour north of Columbus.
- Parks are located within 25 minutes of each other.
- There are currently 40 vacant and 3 occupied homes that the seller is in the process of obtaining title to. These homes could provide a new owner with an avenue to increase occupancy and property performance if salvaged and filled.
- Both communities offered well below replacement cost. All inventory homes are included in the asking price.
- Surrounding communities appear to be operating at much higher occupancy with comparable rents.
- Midpoint Woods serviced by public and Hickory Grove by private utilities.

Location

- Mansfield, the county seat of Richland, recorded a population of 48,821 in the 2010 census and is located halfway between Cleveland and Columbus.
- The Mansfield Raceway attracts thousands of racing enthusiasts every year for national touring series including Main Event Racing Series and Midwest Supermodified Association.
- Several retail destinations are located in close proximity to the communities: Richmond Mall, featuring 60 stores anchored by JCPenney, Macy' s and Sears; West Park Shopping Center; Ontario Towne Center, and more.
- Both communities feature proximity to some of the area' s largest employers including OhioHealth Mansfield Hospital, which recently opened its $80MM expansion; Jay Industries, a plastic and metal manufacturer and third-largest employer in the city; and Newman Technology, an auto body parts manufacturer.
- Mansfield recorded an unemployment rate of 4.7% in September 2015, well below the national average of 5.5%.
- The Mansfield Lahm Airport industrial park has a high concentration of manufacturing and related businesses offering employment in the area.

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