Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.0%
- Listing ID: 1395924
- Posted On: Feb 20, 2021
- Updated On: Jun 14, 2021
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
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 |
