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Mobile Home Park Details

  • Price: $450,000
  • Property ID: 1399046
  • Posted On: Feb 26, 2021
  • Updated On: Mar 30, 2021

Property Description

The Colliers Manufactured Housing advisors are pleased to present Seville Manufactured Home Community, a 30-site community located in the Village of Seville, Ohio. The property encompasses 9.85 +/- acres with 30 fully developed sites, two stick-built homes, a commercial/office building and ample parking.
The Village of Seville is located minutes from the intersection of Interstates 71 and 76 in Medina County, which has been the fastest-growing county in Northern Ohio for the past two decades.

The Village is within 33 miles of two major airports and features rail service through the heart of its industrial corridors. The Village of Seville is a desirable community that boasts an average home value of $181,000 with a population of 578,000 within a 20-mile radius. Additionally, the Village of Seville has been identified by the Ohio Housing Finance Agency as an area where there is a shortage of affordable and available rental units for low-income renters and thus, in dire need of affordable housing.

Seville MHC contains 30 usable manufactured home sites. Of the 30 sites, 15 are occupied with a blend of resident-owned homes and community-owned rentals. In addition to the 15 occupied homes on site, there are 10 vacant community-owned homes in need of renovation, two occupied stick-built homes and a commercial/office building that a new operator can utilize as an office or storage. The community is serviced by city water paid by the community owner, a WWTP, natural gas and electric directly billed to the residents. The WWTP has a capacity of 6,000 gallons/day is currently operating at less than half its daily capacity. Qualified and interested parties may schedule a time to speak with the 3rd party operator for more information. The current owner acquired the property in late 2019 as an underperforming asset. Since purchasing, the owner has made improvements to the infrastructure, began leasing up the homes with qualified and paying residents, and increased income from $1,000/month to $8,675/month. In a rent comp study, we found that seven nearby MHCs (1,013 sites) within a 15-mile radius have an average site rent of $343 and have average economic occupancy of 99%.

Seville MHC contains five empty sites and vacant inventory of 10 community-owned homes. A new operator has the opportunity to increase occupancy and income, bill back residents for water/sewer/trash, stabilize the community, and serve as a viable affordable housing option in an area with proven demand.

Location

• Median Home Value = $181,000 |Population = 578,000 (20-mile radius)
• 2.0 Miles to I-76 & I-71
• 2020 Gross Revenue = $74,860 | NOI = $40,752
• Physical Occupancy = 84% (27/32)
• Economic Occupancy = 53% (15/32)
• 2 Stick-Built Homes (Occupied), Commercial/Office Building, Laundry Facility (Currently Inactive)
• Opportunity to renovate and lease-up 10 existing community-owned homes

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