Nottingham Estates Mobile Home Park is an all-ages manufactured homes community with 103 licensed sites located within the Dayton, OH metro. The Property has approximately 58 occupied units for a 57% economic occupancy. In addition, there are approximately 22 vacant mobile homes on site. The Park is located on an 11.82-acre site that features an on-site leasing/sales office, coin-operated laundry and a 1,000 SF maintenance storage building. The Offering boasts both a stable current tenant base and value-add potential through lease-up.
The buyer will have the rare opportunity to purchase a park in an 800k population metro, on city utilities, with a stabilized tenant base of 58 owner occupied lots. All of this while having immediate upside potential in raising significantly below market rents that have not been raised since 2005, and an opportunity for massive upside by renovating 22 park owned homes (with titles) that are currently vacant and infilling empty lots.
Investment Highlights
- Turn-key income producer with additional upside potential
- Can be purchased for below replacement value
- Strong metro area for affordable housing
- Stable current tenant base
- Below market ren
All of this while having immediate upside potential in raising significantly below market rents that have not been raised since 2005, and an opportunity for massive upside by renovating 22 park owned homes (with titles) that are currently vacant and infilling empty lots.
Investment Highlights
- Turn-key income producer with additional upside potential
- Can be purchased for below replacement value
- Strong metro area for affordable housing
- Stable current tenant base
- Below market rents allowing for immediate upside
- Infill of vacant lots provides significant upside potential
- Homes included provide additional income
- City water & sewer service
- Onsite sales/leasing office, coin laundry & maintenance storage building
