Contact Information

Mobile Home Park Details

  • Price: $325,000
  • Cap Rate: 8.2%
  • Property ID: 1354906
  • Posted On: Nov 12, 2020
  • Updated On: Nov 12, 2020

Property Description

The Colliers Midwest Manufactured Housing Group is pleased to offer Charis Place MHC, a 22 site manufactured home community located in Point Pleasant, WV. The 22 manufactured home sites are equally divided between two short community-owned gravel roads that branch off Roush Ferrel Drive. Within a 10-minute drive of the community, residents of Charis Place enjoy easy access to a variety of restaurants, shopping, and resources including Marshall University’s Mid-Ohio Valley Campus, Pleasant Valley Hospital, City National Bank, Dollar General, Subway, Wendy’s, and McDonalds.

Charis Place is the home of proud, long-term residents with an appetite for homeownership. Point Pleasant is home to plenty of shipping industry activity where many residents find employment. Within a 15-minute drive of the community, there is a population of 11,000 people with median home values of $87,737 and a homeownership rate of 71.6%, exceeding the national average of 67.9%.

There are currently 18 manufactured homes on-site of which ​ 17 are economically occupied. 16/19 are resident owned, 1/19 ​ is a Park Owned Rental, and 1/19 is a Vacant Park Owned Home. All residents are paying a consistent $175 for site rent. A new operator will enjoy the benefit of ease of ownership with opportunity to increase returns on day 1. The community already has in-place management. The community is on city utilities where all residents are billed directly for water/sewer/garbage/electric/gas and also make their rent deposit at a local bank. There is no common area utility usage, so the owner does not receive any utility bills. A new operator can increase ROI on day 1 by filling a vacant park owned home and vacant sites.

Website Link: http://colliersmanufacturedhousing.com/listing-inventory/charis-place-mhc/

Location

Point Pleasant is a city in and the county seat of Mason County, West Virginia, United States, at the confluence of the Ohio and Kanawha Rivers. It is the principal city of the Point Pleasant, WV-OH Micropolitan Statistical Area. Sitting on the border of West Virginia and Ohio, it is located about an hour from both Huntington and Charleston, West Virginia and two hours from Columbus, Ohio. Within a 15-minute drive of the community, there is a population
of 11,000 people with median home values of $87,737 and a
homeownership rate of 71.6%, exceeding the national average of
67.9%.

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Park Information

Community Type: All Age
Number of MH Lots: 22
Total Occupancy: 77.0 %
Year Built: 1975
Average MH Lot Rent: $175
Size: 3 acre(s)

Financial Information (Actual)

Gross Income $31,537
Operating Expense $4,758
Net Operating Income $26,779
Expense Ratio 15.1 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $525

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