Historical Multifamily Sale Listing - 9 Cap on Existing 47% Occ./Potential 20 CAP!

Multifamily For Sale

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9 Cap on Existing 47% Occ./Potential 20 CAP!

2510 Consaul St., Toledo, OH 43605

N/A

265 Spaces | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Spaces:
265
Property Type:
Multifamily
Property Sub-type:
Mobile Home/RV Community
Property Use Type:
Investment
Cap Rate:
9%
Gross Rent Multiplier:
3.86
Year Built:
1970
Lot Size:
37.95 AC
APN / Parcel ID:
5531-008-020
Listing ID
17296235
Last Updated
87 days ago

Highlights

  • Retired Seller who is Out of State/Seller says Sell Now!
  • 9 CAP on Current 47% Economic Occupancy! 26% Down Payment!
  • Upside - 76 Vacant Pads and 32 POC's
  • Only $7,617 Cost-per-Space!
  • 20.6% 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 8.9 Cap Rate on 50% 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 that is available for review..
The property is currently 50% economically occupied with 60% physical occupancy. 32 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 for approximately $1,454,000.. The lender will entertain granting a new loan. The Brochure details their parameters.

The property is located next to 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 $1,484,000. 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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