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Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 710658
Posted On: Oct 4, 2016
Updated On: Nov 28, 2016

Description

- Being sold as part of a portfolio with Buena Vista Campground and Coldbrook Resort Campground.
- Opportunity to acquire a 343-site former Jellystone Campground in the Akron, OH MSA, which had a population of 704,000 in 2015 according to the US Census Bureau.
- Approximately 60% of the park' s rental income comes from seasonal tenants paying from $2,900 to $3,300 per season.
- Many tenants live within an hour of the property and use the park as an affordable weekend getaway.
- The property' s 50-acre lake is a major attraction and draws tenants by providing space to swim, fish and boat. Lakefront lots where tenants enjoy easy access and lake views rent at a premium to the standard lots.
- Current owner has recently brought in 5 park models which may be sold or rented to tenants and are included in the sale.
- Since the current management team was put in place, approximately $65k of capital projects have been completed including new signage, sewer improvements, road improvements, well renovations and a new backflow preventer.

Location

- Located less than 45 minutes from downtown Cleveland, Roundup Lake offers proximity to several of the city' s notable attractions in additional to the surrounding national and state parks.
- Some of Cleveland' s most popular attractions include the Cleveland Museum of Art, West Side Market, Rock and Roll Hall of Fame and Cleveland Botanical Garden.
- Wildwater Kingdom Water Park is less than 15 minutes from the property and features six main attractions including the 100-feet-tall Thunder Falls Slide.
- The 19,000-capacity Blossom Music Center sits 45 minutes away in the Cuyahoga Valley National Park. The Cleveland Orchestra makes the facility its summer home during the Blossom Music Festival.
- The 285,000-square-foot Aurora Farms Premium Outlets features more than 70 brand-name stores.
- The annual Mantua Potato Festival hosts three days of live entertainment including rides, a parade, crafts, games and a 15k race.
- Tourism in Cleveland is on the rise with a record-breaking 207 million visits in 2015, up 3.5% from 2014.

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