Contact Information

Mobile Home Park Details

  • Price: $1,695,000
  • Purchase Method: Cash
  • Land: This is land for developing a mobile home park
  • Cap Rate: 9.5%
  • Property ID: 1244993
  • Posted On: Apr 22, 2020
  • Updated On: Jul 10, 2020

Property Description

Colliers International is pleased to present the opportunity to acquire Twin Mills MHC, a Manufactured Home Community located in Waverly, Ohio. Developed in 2000 by the current owners, Twin Mills sits on a 34.74-acre parcel along US Highway 23 just north of downtown Waverly and an hour south of Columbus.

Originally developed for 149 sites, the owners completed Phase 1 by building out 55 fully improved sites. The owners spared no expense throughout the entire development and it shows. Each fully developed site has a poured concrete pad and concrete parking area that can accommodate up to two cars, all sites have single gang 200 amp electrical meters and every home has a custom wooden deck/porch and a metal storage shed.

Pike County Inc maintains the public water system which bills residents monthly for usage and the Pike County Sewer District is responsible for maintaining the lift station. The community owners are billed monthly for service and bill back residents a flat fee of $50 in addition to their site/home rent. All 55 fully developed sites have access to natural gas which is serviced by Pike Natural Gas. Both gas and electric companies directly bill residents on a monthly basis. The current owners have done a great job maintaining the asphalt roads; however new roads will have to be paved once the new operator builds out the remaining sites. The owners have pre-paid for water and sewer tap fees for the 94 partially completed sites ($4,000/per site). Refer to the site map on page 9 for additional information on the utilities.

Both resident and community-owned homes have been well-maintained that consist of 20 doublewides and 18 singlewides, all have pitched roofs, vinyl siding and skirting. There are currently 13 resident owned homes, 25 community-owned homes that are rentals (no RTO’s) and 1 vacant home that is used as the office. The average build year of the community-owned homes is 2003. Refer to page 18 for the full inventory list and summaries.

Our market analysis of the surrounding manufactured home communities and apartment’s show demand for affordable housing in the immediate area is strong. Manufactured home communities within a 25-minute drive time has average occupancy above 90% and average site rents of $243. The surrounding apartment communities within the same range has an average occupancy of 97% with 2 bedrooms renting for $674 and the only comparable 3 bedroom rents for $919 (North River Place Apartments). In comparison, Twin Mills average rent for a 3 bedroom 2 bath double-wide is $625 (13 in total) and 2 bedroom 2 bath average rents total $605. Refer to page 12 and 13 to review the market comparables data.

A local off-site retailer has been a great source for bringing in homes and growing revenue. Five residents in the past 7 months’ have purchased homes directly from the retailer and chose to live at Twin Mills.

This unique opportunity provides a new operator several ways to increase NOI and overall valuation: Shrink the gap between local market rents and asking rents at Twin Mills, bring in 16 homes to fill the remaining fully improved sites, pour concrete slabs and lease up 30-40 sites/homes on the partially developed sites and execute the final phase of development by installing electrical mains/pedestals, gas lines and paved roads for the remaining 52 sites.

Location

To access the full marketing package, click the link here: https://www.crexi.com/properties/351632/ohio-twin-mills-mhc

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Park Information

Community Type: All Age
Number of MH Lots: 55
Total Occupancy: 97.4 %
Year Built: 2000
Average MH Lot Rent: $186
Size: 35 acre(s)

Financial Information (Pro Forma)

Gross Income $285,299
Operating Expense $123,642
Net Operating Income $161,657
Expense Ratio 43.3 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 25
Average Rent for Park-owned Homes: $596

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