Mobile Home Park Details

  • Cap Rate: 9.0%
  • Property ID: 1251234
  • Posted On: May 5, 2020
  • Updated On: Jun 4, 2020

Property Description

Colliers International is pleased to present the opportunity to acquire a 100% occupied Mobile Home Park within the Columbus MSA.

Built in 1976, Finley Mobile Home Park is situated on 1.70 acres in the growing city of Reynoldsburg, Ohio. Strong market data such as a 3.7% unemployment rate, $176,000 median home price and a growing population of more than 375,000 within a 10-mile radius provide confidence and reduces market volatility risk. Residents have the convenience of less than a 10-minute commute to large employer distribution centers such as L-Brands and JC Penny and retail shopping/grocery stores such as Super-Walmart and Kroger.

One private well supplies residents with water; however public water is available at the street. The special tax assessment issued by the County to pay for the infrastructure for the use of public water was paid off by the owner in 2018. The owners receive a bill for public sewer service every other month for roughly $680. Gas service is provided by a mix of both propane and natural gas which is paid by the residents. American Electric & Power provides the residents with electricity which is directly billed. The community owner pays Republic Waste Services to remove trash from the individual receptacles and the asphalt roads are maintained by the owner.

All residents own their own home except for #2 and #4 which are owned by #3; site rent is paid directly to the community owner and the home rent is paid to #3. The 2,632 square foot duplex that was built in 1940 has a three-bedroom, one bath unit that rents for $600 (Unit A) and a one-bedroom, one bath unit that rents for $425 (Unit B).

Finley Mobile Home Park offers a first time or experienced operator the opportunity to acquire a stabilized asset within the Columbus MSA.

For more information call Russ at 614-329-1922 or click the link here: https://www.crexi.com/properties/358756/ohio-finley-mobile-home-park

Location

- Over 375,000 population within a 10-mile radius
- Average Median Home Price is $176,000
- Super Walmart is within a 10-minute drive
- 100% Occupied | $331 Average Site Rent
- Opportunity to tie into public water system
- Increase income by passing on the water/sewer expenses to residents

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

Park Information

Community Type: All Age
Number of MH Lots: 9
Total Occupancy: 100.0 %
Year Built: 1976
Average MH Lot Rent: $331
Size: 2 acre(s)

Financial Information (Pro Forma)

Gross Income $51,822
Operating Expense $24,543
Net Operating Income $27,279
Expense Ratio 47.4 %
Debt Info

Lot Information

Singlewide Lots: 9

Utility Information

Water: Well
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0

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