This Multifamily Property is Off-Market.

2305 East Waterloo Road
Akron, OH 44312 ·

50 Spaces · Multifamily For Sale

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Alexander's Mobile Home Park

Price N/A Cap Rate 11.49%
No. Spaces 50 Occupancy 100%
Property Type Multifamily Year Built 1950
Property Sub-type Mobile Home/RV Community Lot Size 6.50 SF
Property Use Type Investment
Listing ID: 15243526 Date Created: 07/17/2007 Last Updated: 02/06/2008

Description

We are pleased to present a 48 site mobile home park located in Akron, Ohio. This property offers an investor a stable cash flow producing asset that historically has had very strong occupancy levels. Tenants currently are paying rents that include their water (well), sewer (private) and trash, which gives a new owner the opportunity to set up the park on a submetering system. The buyer would be buying the property "as-is" based on the current operating numbers which allows for a 23.87% Cash on Cash Return, which does not include the annual $11,400 (Rental Income) and $1,800 (Note Income). The current owners own 9 of the homes in the community, which will be passed through to a new owner who acquires the park.

Alexander's Mobile Home Park is located in Akron, Ohio, just minutes away from the Akron-Fulton International Airport. The community is situated to overlook Spingfield Lake, which gives the tenants great views of the surrounding area. The Akron Fire and Police Department just built a state of the art facility across the street from Alexander's along the lake to accommodate the rapidly growing area. Because of the location of the park, the current owners fill vacant units rather quickly from "drive-by" tenants due to it's frontage on East Waterloo Road, which is a heavily traveled road for the City of Akron.

Overall, Akron has always been a strong rental market for manufactured home communities, which should give the new owner a comfort level when taking over this asset.

Highlights

  • New Roads as of June 2007
  • Cash on Cash Return of 23.87% based on an 11.49% CAP Rate
  • Very Strong Cash Flow and Occupancy
  • 9 Homes will pass through at Closing for no additonal costs
  • Located in a Strong Market

Research

2305 East Waterloo Road, Akron, OH 44312 (Summit County)

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