Contact Information

Mobile Home Park Details

  • Price: $750,000
  • Purchase Method: Seller Financing
  • Cap Rate: 9.8%
  • Property ID: 1338016
  • Posted On: Oct 9, 2020
  • Updated On: Oct 9, 2020

Property Description

Colliers International is pleased to present the opportunity to acquire the Woodlands Mobile Home Park, a manufactured home community in Cincinnati, OH.​ The property encompasses 5.82 acres and is licensed for 90 sites, with 45 improved sites, 1 single family home and an office located less than 10 miles north of downtown Cincinnati.​

Cincinnati is the third largest city in the state of Ohio and is home to many large employers including The Kroger Company, Proctor & Gamble, University of Cincinnati, and Children’s Health Hospital. The community is well located on the north side of town approximately 4 miles from the nearest Walmart Supercenter and within a short drive of various industrial and retail centers. The comparable parks in the area are +90% occupied with site rents ranging from $250 - $415 per month, while nearby 3-bedroom apartment rents are averaging over $950 per month.

The community offers 45 total sites on city water and sewer. There are 11 resident owned homes, 12 rent-to-own homes, 1 community owned rental home, and a single-family home. Electric is master-metered, and the current owner bills electricity charges back to residents based on park wide usage. The average monthly site rent is $318 across the 24 occupied sites and average home rents for the rent-to-own and rental homes is $434.

For more information, click here: http://colliersmanufacturedhousing.com/listing-inventory/woodland-mhc/

Location

- Strong market drivers: 2M population in Cincinnati MSA with
3.9% unemployment rate
- Seller financing available for qualified operators
- Roads were repaved in August 2020
- 12 of 13 POH’s are on rent-to-own contracts
- In-place, on-site management
- Strong apartment comps: 1BR $670, 2BR $890, 3BR $1,020

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

Park Information

Community Type: All Age
Number of MH Lots: 45
Total Occupancy: 54.0 %
Year Built: 1939
Average MH Lot Rent: $336
Size: 6 acre(s)

Financial Information (Pro Forma)

Gross Income $157,399
Operating Expense $83,793
Net Operating Income $73,606
Expense Ratio 53.2 %
Debt Info

Lot Information

Singlewide Lots: 45

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 13
Average Rent for Park-owned Homes: $434

Other Listings by Russ Williamson

Similar Mobile Home Parks for Sale

All Age Community 40 Lots