Contact Information

Mobile Home Park Details

  • Price: $795,000
  • Cap Rate: 10.3%
  • Property ID: 1320938
  • Posted On: Sep 9, 2020
  • Updated On: Sep 11, 2020

Property Description

EXECUTIVE SUMMARY
Colliers International is pleased to present the opportunity to acquire the M&K MHC, a manufactured home community located in Toledo, Ohio. The 3.92-acre property includes 34 sites and is located approximately 5 miles from downtown Toledo.

Toledo is the fourth largest city in the state of Ohio and is home to many large employers including Owens Corning, ProMedica, and HCR ManorCare. The community is conveniently located on the southwest side of town approximately one mile from the nearest Walmart and a high density of employers such as The University of Toledo Medical Center, University of Toledo Scott Park Campus, and various industrial and retail centers.

The community offers 34 sites on city water and sewer. There are 7 resident owned homes, 22 occupied rental homes, and 5 empty sites. The average site rent is $334, and water and sewer are master metered with a $50/month flat fee charged back to the residents. Electric is billed directly to residents by Toledo Edison, and trash is paid by the park owner.
There are several opportunities for a new owner to grow NOI and add value at the property including:

• Increase site rents. Comparable site rents in the area range from $340 - $435 with an average occupancy of 88%. Nearby
2- bedroom apartments rent in the $600 - $750 range.
• Fill 5 vacant sites
• Sub-meter water and sewer and bill residents based on usage
• Begin billing residents for their individual trash receptacles

Location

Website and Offering Memorandum: https://www.crexi.com/properties/466518/ohio-mk-mhc

Virtual Tour: https://www.youtube.com/watch?v=6LbWE5u-87o&feature=youtu.be

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Park Information

Community Type: All Age
Number of MH Lots: 34
Total Occupancy: 85.3 %
Year Built: 1947
Average MH Lot Rent: $419
Size: 4 acre(s)

Financial Information (Actual)

Gross Income $141,780
Operating Expense $59,975
Net Operating Income $81,805
Expense Ratio 42.3 %
Debt Info

Utility Information

Water: City
Sewer: City

Video

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