Manufactured home community located in Toledo, Ohio. The 3.92-acre property includes 34 sites and is located approximately 5 miles from downtown Toledo. Toledo is the fourth largest city in the state of Ohio and is home to many large employers including Owens Corning, ProMedica, and HCR ManorCare. The community is conveniently located on the southwest side of town approximately one mile from the nearest Walmart and a high density of employers such as The University of Toledo Medical Center, University of Toledo Scott Park Campus, and various industrial and retail centers.
The community offers 34 sites on city water and sewer. There are 7 resident-owned homes, 22 occupied rental homes, and 5 empty sites. The average site rent is $334, and water and sewer are master metered with a $50/month flat fee charged back to the residents. Electric is billed directly to residents by Toledo Edison, and trash is paid by the park owner.
There are several opportunities for a new owner to grow NOI and add value at the property including:
• Increase site rents. Comparable site rents in the area range from $340 – $435 with an average occupancy of 88%. Nearby
2- bedroom apartments rent in the $600 – $750 range.
• Fill 5 vacant sites
• Sub-meter water and sewer and bill residents based on usage
• Begin billing residents for their individual trash receptacles
Investment Highlights Property located 5 miles from downtown Toledo, OH 600,000+ population within a 20-mile radius Toledo, OH is the fourth largest city in Ohio City utilities on master meter with flat fee bill-back to residents 34 improved, occupied sites encompassing 7 resident-owned homes and 22 community owned rental homes 5 vacant community owned rental homes Opportunity to increase rents and sub-meter utilities Median home price is $125,000 Area unemployment rate is 4.9%