Mobile Home Park Details

  • Property ID: 1360471
  • Posted On: Nov 24, 2020
  • Updated On: Nov 27, 2020

Property Description

The Colliers Midwest Manufactured Housing & RV Group is pleased to present the opportunity to acquire the Oak Manor Mobile Home Park, a manufactured home community in Massillon, Ohio. The property encompasses 4.25 acres and is licensed for 43 sites, with 40 existing sites and 1 stick built home located 5 miles from downtown Canton.
The City of Massillon is located 8 miles west of Canton and 20 miles south of Akron. The city population is over 32,000, and over 130,000 within a 5 mile radius, and the average home price is $123,200. The area is home to many employers including AmeriCold Logistics, Aqua Ohio, Campbell Oil, and Crown Cork & Seal. The community is well located directly between downtown Massillon and downtown Canton and approximately 6 miles from the nearest Walmart Supercenter. The comparable parks in the area are +90% occupied with site rents in the mid-$300’s per month, while nearby 3-bedroom apartment rents are averaging over $800 per month.
The community offers 37 sites and one stick-built home on city water and sewer. The current community owner pays for water, sewer, and trash pickup. The average monthly site rent is $330 across the 19 occupied resident owned homes. A new owner has the opportunity to renovate and lease up 6 rehab homes and the vacant stick-built home, bill residents for their sewer and water usage, and challenge real estate taxes that are currently calculated using a $1.1MM appraised value.

Link to Due Diligence: http://colliersmanufacturedhousing.com/listing-inventory/oak-manor-mhc/

Location

Massillon is a city in Stark County, approximately 8 miles west of Canton, 20 miles south of Akron, and 50 miles south of Cleveland. It is the second largest incorporated area within the Canton-Massillon, OH MSA.

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Park Information

Community Type: All Age
Number of MH Lots: 37
Total Occupancy: 50.0 %
Average MH Lot Rent: $330

Financial Information (Actual)

Gross Income $86,960
Operating Expense $61,398
Net Operating Income $25,562
Expense Ratio 70.6 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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