Contact Information

Mobile Home Park Details

  • Price: $950,000
  • Cap Rate: 8.0%
  • Property ID: 1375980
  • Posted On: Jan 7, 2021
  • Updated On: Mar 3, 2021

Property Description

The Colliers Midwest Manufactured Housing & RV Group is pleased to present the opportunity to acquire Sunrise Cottages MHC, a 52 site manufactured housing community located in Wellsville, Ohio. The property is settled on roughly 25 acres and is only 1 hour from downtown Pittsburgh.

There are over 200,000 people that live within a 20 mile radius of the community, and notable economic drivers in the area includes South Field Energies $1.3B Natural Gas Power Plant that is being developed less than 2 miles from Sunrise Cottages. The 150-acre development will bring millions in revenue to the City of Wellsville and will provide an abundance of job opportunities. The Power Plant is slatted to be complete and operational by June 2021.

Sunrise Cottages is located a few minutes west from downtown Wellsville in a quiet country-like setting with large site sizes. The community is serviced by city water, which the owner bills back to residents monthly, and the sewer is serviced by a waste water treatment plant that is operated by a professional company. American Electric & Power and Columbia Gas provide the electrical and natural gas services to the residents, while Ohio Valley Waste Services picks up the individual receptacles which is billed back to each resident monthly by the community owner. The long-term manager/maintenance employee lives on-site with several other part-time employees that assist with rent collection, enforcing the community rules and rehabbing vacant homes. Residents enjoy low density living and big yards, and each site has 2 off-street parking spaces.

Of the 52 sites, 36 are resident owned, 7 are rentals, 1 is on a rent credit/lease option, 1 is a vacant home that can be rehabbed and there are 7 empty sites, all with utility hooks ups. The average site rent is $240, which was increased by $10 three years ago and the average home rent is $122. A new owner has the opportunity to increase rents to market, renovate the vacant home and bring in 7 homes to fill the affordable housing demand in the area.

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Park Information

Community Type: All Age
Number of MH Lots: 52
Total Occupancy: 87.0 %
Year Built: 1950
Average MH Lot Rent: $256
Size: 25 acre(s)

Financial Information (Actual)

Net Operating Income $75,888
Debt Info

Utility Information

Water: City
Sewer: Treatment Plant

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