Contact Information

Mobile Home Park Details

  • Price: $750,000
  • Purchase Method: Cash
  • Property ID: 1136230
  • Posted On: Sep 20, 2019
  • Updated On: Nov 18, 2019

Property Description

Call for offers due Tuesday November 19 at 5PM EST

**Please visit www.OtherStreetAdvisors.com to get more information on this property and access to the document vault**

PROPERTY HIGHLIGHTS
• Huge opportunity to quickly add value by filling vacant POHs & vacant lots
• Both communities are permitted for a total of 162 lots (Crestline Estates at 79 & Meadowood Estates at 83)
• Infrastructure in place for 86 lots
• Purchase price below replacement cost
• Communities side by side allowing for operation as 1 community
• Public Utilities - Direct billed
• Strong demand for low cost housing

JDS Real Estate Services & Other Street Advisors are proud to bring you two neighboring properties located in Crestline, Ohio. Crestline & Meadowood Estates. Currently, the property has approximately 25 occupied lots with a lot of rent of $312. An owner could immediately start filling the 29 vacant homes and 32 vacant lots with infrastructure to stabilize the community and create instant value. The price per lot for the 86 lots with infrastructure is $8,721 per lot which is well below replacement cost.

An investor with the ability to add homes could create significant immediate value by filling the communities. Based on our estimations if occupancy is increased by 56 tenants for a total of 81 occupied lots the value at an 8.5% cap rate would be in the range of $2,950,000

Location

Crestline and Meadowood Estates are located in Crestline, OH which is a village of Crawford and Richland Counties. The population was 4,630 in the 2010 census and Crestline's is the third-largest municapialy in Crawford County. Crestline is considered part of the Mansfield Metropolitan MSA.
According to Bestplaces.net, the median income in Crestline is $38,690 with an unemployment rate of 5.2% and a median home price of $76,300.

According to the demographics data derived from the 2010 Us Census, within 5 miles the population increases to 18,207 with an average home value of $118,932 and within 10 miles the population increases to 60,598 with an average home value of $130,162.

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

Park Information

Community Type: All Age
Number of MH Lots: 162
Total Occupancy: 15.4 %
Average MH Lot Rent: $312
Size: 50.0 acre(s)

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 31
Average Rent for Park-owned Homes: $272

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