Contact Information

Mobile Home Park Details

  • Price: $1,000,000
  • Cap Rate: 8.1%
  • Property ID: 1258517
  • Posted On: May 19, 2020
  • Updated On: May 20, 2020

Property Description

Colliers International is pleased to present the opportunity to acquire the Northwest Ohio Portfolio, consisting of 4 Manufactured Home Communities located near Defiance, OH. The portfolio comprises 185 total sites with 85 occupied sites and 38 community-owned homes, 21 are currently rented. The asking price is $1,000,000 representing a 8.1% cap rate on in-place income and $5,405 per site.

The properties are located within a 20-mile radius of each other and approximately an hour drive from both the Toledo and Fort Wayne MSA’s. Rolling Hills MHC is in the City of Defiance which serves as the county seat of Defiance County. Similarly, Northland MHC is in the City of Bryan which serves as the county seat of Williams County. Edgeview MHC and Brentwood Park MHC are located nearby in the smaller towns of Edgerton and Cecil, OH.

The portfolio is currently averaging site rents of $252 and home rents of $496 across the 21 rented community-owned homes. Three of the four properties are billing residents for water and sewer usage, and electric is direct billed to the residents. All four communities feature paved asphalt streets with off-street parking.

There is considerable upside potential renovating and leasing up 17 vacant homes and in filling 83 empty sites. There are multiple mobile home dealerships conveniently located nearby to supply new or used homes. The current owners live out of state and an on-site manager handles the day-to-day management for all four communities. The on-site manager has expressed an interest in staying involved with new ownership.

For more information click the link here: https://www.crexi.com/properties/373839/ohio-nw-ohio-portfolio

Location

• 185-site portfolio priced below replacement cost
• Clustered property locations within 20-mile radius
• 3 of the 4 communities billing residents for water and sewer usage
• Opportunity to renovate 17 vacant homes and in fill 83 empty
sites
• Averaged median home price for all 4 cities is $85,825

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

Park Information

Community Type: All Age
Number of MH Lots: 185
Total Occupancy: 55.0 %
Year Built: 1970
Average MH Lot Rent: $252

Financial Information (Actual)

Gross Income $351,735
Operating Expense $270,731
Net Operating Income $81,004
Expense Ratio 77.0 %
Debt Info

Park-Owned Homes

Number of Park-owned Homes: 38
Average Rent for Park-owned Homes: $252

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