Contact Information

Mobile Home Park Details

  • Price: $2,000,000
  • Purchase Method: Cash
  • Cap Rate: 10.3%
  • Property ID: 1405364
  • Posted On: Mar 11, 2021
  • Updated On: Apr 21, 2021

Property Description

CALL FOR OFFERS due Wednesday, March 31, 2021 at 5pm EST

The Williamson Manufactured Housing Advisors are pleased to present Millersburg Manufactured Home Community, a 75-site community located in the Village of Millersburg, which serves as the seat for Holmes County, Ohio. The property encompasses 9.85 +/- acres with 75 fully developed sites, a manager’s office, one apartment unit and off-street parking for all community residents.

Millersburg MHC is located just minutes from the historic downtown Millersburg which is the #1 tourist destination in Ohio. Within a one-mile radius of the community, there is a Dollar General, Walmart Supercenter, plenty of dining options, etc. on the busy Amish byway where the community experiences a daily traffic count of 14,000 cars. Within a 10-mile radius of the community, there is a population of 33,000 people and a median home value of $197,000. 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.

Millersburg MHC contains 75 usable mobile home sites. Of the 75 mobile home sites, 68 are occupied with a blend of resident-owned homes and community-owned rentals. In addition to the 68 occupied homes on site, there are 6 vacant community-owned homes that can be renovated and occupied, 1 occupied duplex unit, and a manager’s office in the other unit of the duplex. The community is serviced by city water, city sewer, and city trash which are paid by the community owner and billed back to the residents, and natural gas and electric are directly billed to the residents.

The current operator acquired the property in the early 1980s. Over the term of their ownership, they developed and leased up 28 sites, renovated and leased up existing inventory and brought in new homes as needed to bring the community to its current physical occupancy of 100%. Millersburg MHC has benefitted from its convenient location in a highly visited strip of Millersburg and has experienced historically high occupancy. A new operator has the opportunity to renovate 6 vacant community-owned homes, increase economic occupancy, implement an overdue rent increase, and serve as one of the few viable affordable housing options in an area with proven demand.

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

Park Information

Community Type: All Age
Number of MH Lots: 75
Total Occupancy: 90.0 %
Year Built: 1958
Average MH Lot Rent: $230
Size: 9 acre(s)

Financial Information (Actual)

Gross Income $275,130
Operating Expense $68,742
Net Operating Income $206,388
Expense Ratio 25.0 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 40
Average Rent for Park-owned Homes: $455

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