2510 Consaul St., Toledo, OH, 43605 - Available for Sale

Multifamily For Sale

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8 Cap on Existing 48% Occ./Potential 18 CAP!

2510 Consaul St., Toledo, OH 43605

$2,100,000

265 Spaces | Multifamily

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Multifamily Property For Sale Get Financing

Price:
$2,100,000
No. Spaces:
265
Price/Space:
$7,924.53
Property Type:
Multifamily
Property Sub-type:
Mobile Home/ RV Community
Property Use Type:
Investment
Cap Rate:
8%
Gross Rent Multiplier:
4.09
Occupancy:
48%
Year Built:
1970
Lot Size:
37.95 AC
APN / Parcel ID:
5531-008-020
Listing ID
17296235
Last Updated
14 days ago

Find Out More...

Highlights

  • Retired Seller who is Out of State/Seller says Sell Now!
  • 8.0 CAP on Current 48% Occupancy!
  • Upside - 68% Current Expense Ratio to Current Income!
  • Only $7,924 Cost-per-Space!
  • 18% Pro Forma Cap Rate on 80% Occupancy!
  • Existing 1st Trust Deed may be Rewritten!/Phase 1 Completed!

Description

Cypress Point Mobile Home Park is an opportunity for an aggressive new owner to benefit from the large upside the property offers while purchasing the property at its current 8 Cap Rate on 51% Economic Occupancy.. The property is currently owned by a retired out of state owner.
Built in 1970, and situated on a former land fill, the ownership has completed the asphalt repaving of all park streets. Park amenities include a playground, management office and gated perimeter. All water/sewer are City.. SELLER HAS COMPLETED A PHASE 1 AND SOIL TESTING EFFECTIVE JANUARY 2014.
The property is currently 51% economically occupied with 66% physical occupancy. 30 Park Owned Coaches and 64 Vacant Pads are Included in the sale.. The Property was at a 9.6 cap in July 2013 on Current.Rents. NEEDS MANAGEMENT DIRECTION as the previous onsite manager retired in June and the Seller has retired.
There is currently a 1st TD. The lender will entertain granting a new loan. The Brochure details their parameters.

The property is located next tot a multi storage facility and residential buildings in a residential neighborhood. . The Seller is distant and retired and willing to leave the upside on the table for a buyer. The existing lender has indicated that they will review the rewriting of the existing loan now at approximately $1,508,000. THE LOAN IS AND HAS BEEN CURRENT as the property cash flows for the Seller on current income with expenses that may be reduced with more aggressive ownership. .
The property is listed with Ohio Broker cooperation.

Map of 2510 Consaul St., Toledo, OH 43605 (Lucas County)

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Luis Vazquez
Luis Vazquez

Specialist in Mobile Home Parks and Apartment Buildings

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Asking Price Index Trends for Toledo, OH Multifamily For Sale

  Feb 14 vs. 3 mo.
prior
Y-O-Y
-
State
$31,274+0.1%+0.4%
-
City
$28,425+8.9%-5.7%

View Toledo Market Trends for other property types for sale or lease. Learn more about the chart info.

Created 8/17/2011
8 Cap on Existing 48% Occ./Potential 18 CAP!
  • Multifamily
  • $2,100,000
  • 265 Spaces