Mobile Home Park Details

  • Cap Rate: 7.7%
  • Listing ID: 1428362
  • Posted On: Apr 26, 2021
  • Updated On: Oct 4, 2021

Description

The Williamson Manufactured Housing Advisors are pleased to present the opportunity to acquire East Main Street MHC, a 29 site community located in Springfield, Ohio. Situated on 7.1 +/- acres and located directly behind a Kroger Grocery Store, East Main Street MHC has 24 occupied resident owned homes and offers an expansion opportunity to develop additional housing.

Serving as the County Seat for Clark County, Springfield has a 60,000 population within city limits and nearly 325,000 within a 20 mile radius of the community. Notable local businesses include Navistar International (Semi-Truck Manufacturing), Wittenberg University, Speedway Headquarters, Topre America Ohio (Metal Press Forming) and a Gordon Food Service Manufacturing and Distribution Facility. Within a few minutes drive time on East Main Street, residents have access to several grocery stores including a Super-Walmart, banks, retail shopping and a variety of local and national restaurants. East Main Street has recently experienced significant redevelopment in the area with the most current coming from Ryan Homes 53 acre/230 home development which has already broken ground behind the Super-Walmart. Residents can enjoy a quick commute via Interstate 70 to travel to Dayton (30 miles to the southwest) and Columbus which is only 45 miles to the east.

East Main Street MHC offers a new operator short term and long term value add opportunities. The community is serviced by city water and sewer which the current owner pays, a new owner could sub-meter and bill back for actual usage or charge a flat rate. The owner is also paying for Rumpke trash service (individual receptacles) which could be billed back to the resident to increase income and reduce operating expenses. The wooded land north of the existing sites could be developed to add additional homes or potentially a commercial use such as self-storage but would require a zoning variance as its currently zoned for residential use.

Location

• Stabilized, 100% ROH’s Located Directly Behind Kroger
• Clean & Quiet Community on City Water & Sewer
• Opportunity Recover Utility Expenses for Water, Sewer & Trash
• Strategically Located Only 30 Miles to Dayton & 45 Miles to Columbus
• Execute Expansion Opportunity to Fully Maximize Investment Potential

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Park Information

Community Type: All Age
Number of MH Lots: 29
Total Occupancy: 85.0 %
Year Built: 1966
Size: 7 acre(s)

Financial Information (Pro Forma)

Net Operating Income: $55,006

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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