Contact Information

Gage Parker

MHC HOLDINGS

Mobile Home Park Details

  • Price: $2,965,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.0%
  • Property ID: 1395924
  • Posted On: Feb 20, 2021
  • Updated On: Apr 12, 2021

Property Description

Park is an all-age community located in Toledo, Ohio and is
minutes from retail, a mall, restaurants and a public high school.
High demand for housing
The property is serviced
by city water and sewer.
Paved roads
Neighboring communities are well occupied (85%-95%+) with higher lot rents which add to the value of this community

*Avg lot rents- $420 (area lot rent 500+)
*City water /sewer
* Water/sewer/trash sub metered to tenants
*New Metron water meters
* 15 new 2021 Legacy homes
* Includes 10 rented or RTO used homes avg age mid 90s-INCLUDED

WE ARE IN THE FINAL INFILL PHASE-WE WILL BE SEALING THE ROADS-PAINTING ALL USED HOMES-NEW SIGNAGE.

Location

Average home value within 5 miles is $150K+
Low unemployment
Less than 4 miles from Walmart Supercenter and interstate.
Central location inside city limits.

Amenities

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

Park Information

Community Type: All Age
Number of MH Lots: 51
Total Occupancy: 99.0 %
Year Built: 1970
Average MH Lot Rent: $415
Size: 12 acre(s)

Financial Information (Actual)

Gross Income $250,000
Operating Expense $75,000
Net Operating Income $175,000
Expense Ratio 30.0 %
Debt Info none

Lot Information

Singlewide Lots: 49
Doublewide Lots: 2
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 25
Average Rent for Park-owned Homes: $195,500

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