Contact Information

Mobile Home Park Details

  • Price: $1,275,000
  • Purchase Method: Cash
  • Cap Rate: 14.6%
  • Property ID: 1088190
  • Posted On: May 31, 2019
  • Updated On: Sep 13, 2019

Property Description

**Please go to www.OtherStreetAdvisors.com to view other Available Properties**

JDS Real Estate Services & Other Street Advisors are pleased to offer Martin's Mobile Home Park for sale which is located in the Boardman submarket of Youngstown, Ohio. The community has a total of 129 MH sites with 44 Resident Owned Homes, 18 Leased Homes, 41 Vacant Park Owned Homes, 26 vacant sites, 1 rented apartment, 1 vacant apartment, and 4 vacant garages. The average lot rent is $320/month and the leased homes rent for an average of $22/month above lot rent. The community is in an excellent location with close proximity to Highway 680, Lowes, Walmart, employment, restaurants, and shopping.

Location

City Utilities (Water & Sewer)
Sewer is billed back to residents but water is not
Currently has an Absentee Owner - A more hands-on approach would yield tremendous potential
Immediate upside in selling off the 18 Park Owned Rentals that average only $22 above the current lot rent
Ability to create tremendous upside by rehabbing or selling off the 41 vacant park owned homes
Excellent location in a desirable submarket (Boardman) of Youngstown, OH
Close Proximity to Highway 680, Lowe's, Walmart, Shoppes & Restaurants
Desirable neighborhood of Boardman

Amenities

  • Club House
  • Storage
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 129
Total Occupancy: 48.1 %
Average MH Lot Rent: $320
Size: 9.7 acre(s)

Financial Information (Pro Forma)

Gross Income $437,647
Operating Expense $251,088
Net Operating Income $198,876
Expense Ratio 57.4 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 59
Average Rent for Park-owned Homes: $340

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