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: Jan 27, 2021
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
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 |