Contact Information

Mobile Home Park Details

  • Price: $1,400,000
  • Cap Rate: 10.0%
  • Property ID: 1349809
  • Posted On: Nov 2, 2020
  • Updated On: Nov 29, 2020

Property Description

Colliers International is pleased to present the opportunity to acquire Bucyrus MHC, a 90 site manufactured home community with Mansfield’s MSA. The property, which is located in an Opportunity Zone, consists of 17.35 +/- acres in Bucyrus, Ohio, a workforce town that located 30 minutes to the west of Mansfield and only 75 minutes to the north of Columbus.

The community is surrounded by greenspace to the west and east, a wooded area that is in a 100 year flood zone to the south (no homes are in the flood zone) and a residential neighborhood to the north.​ Residents enjoy retail shopping, restaurants and a Walmart that is less than 10 minutes from the community.​ Other communities in the area are averaging 76% occupancy and site rent ranges from $220 to $320.​

There are currently 59 homes on sites: 53 are occupied with 22 resident owned, 23 rent to own that are on 3 year contracts with terms ending in approximately 24 months, 8 rentals and 6 vacant homes.​ The average site rent is $250 and the current owners are receiving $450 total rent for 2 bedroom rentals/RTO’s and $550 for 3 bedrooms.​ All sites are serviced by city water and sewer which is directly billed (and meters read) by the city.​

A new operator will benefit from a community that cash flows day one with the added upside of renovating and selling/renting 6 homes.​

• City Water & Sewer, Direct Billed to Residents
• Located in a Qualified Opportunity Zone
• Large Sites Will Accommodate 16’ X 70’ Homes
• Current In-Place Management
• Median Home Price $83,000 | Median Household Income $33,999
• Opportunity to Renovate and Sell/Rent 6 Vacant Homes

Location

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

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

Park Information

Community Type: All Age
Number of MH Lots: 90
Total Occupancy: 66.0 %
Year Built: 1961
Average MH Lot Rent: $250
Size: 17 acre(s)

Financial Information (Actual)

Gross Income $189,494
Operating Expense $89,928
Net Operating Income $99,566
Expense Ratio 47.5 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 8
Average Rent for Park-owned Homes: $224

Other Listings by Russ Williamson See More

Similar Mobile Home Parks for Sale