Multifamily Property For Sale - LIGHTHOUSE VILLAGE

6599 McCOPPIN MILL ROAD, Hillsboro, OH, 45133

 
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Multifamily For Sale
Hillsboro, OH
Ohio

LIGHTHOUSE VILLAGE

 

6599 McCOPPIN MILL ROAD

Hillsboro, Ohio 45133
County: Highland
 
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  For Sale Active  
Type:Multifamily
Mobile Home/RV Community
No. Spaces:37
Building Size:1,800 SF
Lot Size:3.50 Acres
Occupancy:75.00%
Price:$495,000
Price/Space:$13,378
Cap Rate:10.00%
Year Built:1959
Date Last
Verified:		12/22/2008
Property ID:13876259
 
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 Additional Information 

Property Description:
GREAT DEVELOPMENT OPPORTUNITY. PURCHASER CAN BUILD ON VACANT LOTS TO ACCOM0DATE RENTALS OR CONDOS. LIVE IN HOUSE AND GET INCOME FROM LOTS.NEW PRICE, SELLER ANXIOUS CAN ASSUME $428,000. MORTGAGE (6% FIXED TILL 2035). PROPERTY IS UNDERPERFORMING AT THIS TIME DUE TO SELLER FORCING OUT SOME DELINQUENT AND TROUBLESOME TENANTS. PARK WILL START FILLING UP WITH BETTER TENANTS. NEW OWNER MIGHT WANT TO LIVE IN HOUSE ON LAKE FRONT.

LAKE FRONT PROPERTY WITH 37 PADS (CAN ADD AT LEAST 2 MORE)AND 1,800 SF FT HOUSE. NEW WATER AND SEWER LINES THROUGHOUT...ALL WATER IS SUBMETERED...COUNTY WATER AND SEWER...YEAR ROUND OCCUPANCY...LOW MAINTENANCE..HIGH CASH FLOW. ALL TRAILERS ARE INDIVIDUALLY OWNED. BEST LOCATION AND CONDITION IN AREA. RENTAL RATES ARE INCREASED YEARLY BY $10.00 PER PAD...ALL PADS RENT FOR$200.00 / $700.00 FOR HOUSE.

Location Description:
ROCKY FORK LAKE / EAST SHORE...3.5 ACRES 10 MILES EAST OF HILLSBORO, OHIO. STATE OWNED LAKE WITH DOCK RENTAL SPACE AVAILABLE...MANY FISHING AND BOATING ACTIVITIES. WITHIN COMMUTE DISTANCE TO CINCINNATI, WILMINGTON AND DAYTON.

No. Stories:1Commission Split:3%
 Highlights 
•LAKE FRONT RECREATIONAL PROPERTY•LOW MAINTENANCE..HIGH CASH FLOW
 
•ALL MOBILE HOMES INDIVIDUALLY OWNED•YEAR ROUND OCCUPANCY
 
•GREAT UPSIDE WITH REGULAR RENT INCREASES•ALL WATER SUBMETERED...NEW W/S LINES
  Financial Summary Proforma  
Scheduled Gross Income:$86,100
Effective Gross Income:$56,100
Net Operating Income:$39,825
 
  Space Mix Information
No Space Mix Information Provided
 
  Debt & Equity Information
Debt Type:Existing
Loan Amount:$390,000
Interest Rate:9.75%
Amortized Over:25
Annual Debt Service:$40,596
Down Payment:$195,000
3/11/2004
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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
 
 

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