Contact Information

Mobile Home Park Details

  • Price: $925,000
  • Cap Rate: 8.9%
  • Property ID: 1597737
  • Posted On: Feb 2, 2022
  • Updated On: Feb 22, 2022

Property Description

Wisely Commercial Realty is pleased to offer for sale Citrus Road MHC located in Malvern, Ohio. For more information go to our website www.wiselycr.com or click on the links below.

Offering Memorandum Link: https://www.crexi.com/properties/752377/ohio-citrus-road-mhc?offeringMemorandum=download

Due Diligence Vault Link: https://www.crexi.com/properties/752377/ohio-citrus-road-mhc?openDueDiligence=open

Community Video: https://youtu.be/pF5armuerI4

Wisely Commercial Realty is pleased to offer for sale Citrus Road MHC located in Malvern, Ohio. Malvern is located about 20 minutes Southeast of Canton, Ohio. Citrus Road consists of 43 approved home spaces situated on 7.13 acres of land. The property is serviced by City Water and City Sewer. A new operator can submeter the water and sewer and bill it back to the residents. A new owner can come in and fill the remaining vacant sites. The demand for housing is very strong.

INVESTMENT HIGHLIGHTS
• Stable Community with 65% occupancy, with opportunity to fill vacant sites
• City Water & City Sewer
• Opportunity to submeter the Water & Sewer and Billback to the residents
• Strong Demand for Housing in the immediate area

OFFERING SUMMARY
Community Price: $775,000
Home Price: $150,000
List Price: $925,000
Community NOI: $61,921
Community Cap Rate: 8.0%
Price Per Site: $18,023
Combined NOI: $82,088
Combined NOI: 8.9%
Total Sites: 43
Physical Occupancy: 77% (33)
Economic Occupancy: 65% (28)
Park Owned Homes: 15

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Park Information

Community Type: All Age
Number of MH Lots: 43
Total Occupancy: 65.0 %
Size: 7 acre(s)

Financial Information (Actual)

Gross Income $152,521
Operating Expense $70,433
Net Operating Income $82,088
Expense Ratio 46.2 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 15

Video

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