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Oakridge MHC 6605 Marion Agosta Rd

112 Unit Mobile Home Park $4,252,410 CAD ($37,968 CAD/Unit) 5.38% Cap Rate Marion, OH 43302

Executive Summary

The community is centrally located in Marion, OH which has a population of approximately 65,000. The area boasts a well-trained and productive workforce that supports a diverse employment base, including sectors like manufacturing, logistics, and education. The city of Marion has a population of around 36,000 and is known for its rich history and community-centered culture. Located along major transportation routes, Marion serves as a strategic hub for industries connected to central Ohio, the Midwest, and beyond. The diverse industrial base includes steel production, appliance manufacturing, and agricultural machinery, making Marion a critical component of the region’s economic vitality.
Oakridge MHC has 112 active lots: 34 tenant owned homes (TOH), 16 rent to own (RTO), 0 park owned homes (POH) and 62 vacant lots. All of the 62 vacant lots are home ready. The average lot rental rate per month is $410. The average RTO rental rate is $446 per month.
Oakridge MHC is serviced by private water and public sewer. Tenants are responsible for all utility payments and they are billed directly to tenants. Trash is serviced by curbside bins and is billed directly to tenants. Electricity is also billed directly to tenants. All utility systems are in working order. The roads are privately paved and in average condition. The park is not affected by a flood zone and it is not in an opportunity zone. Oakridge MHC is currently managed by an onsite manager who oversees day-to-day operations.
This community is priced at $3,000,000, including all park-owned homes, and presents a value-add opportunity for investors looking to acquire a cash-flowing asset with further upside potential. Both conventional recourse, non-recourse and bridge lending options are available. Interested parties are encouraged to submit their offers with price, timeline, escrow amount, and a list of due diligence requirements.

Property Facts

Price $4,252,410 CAD
Price Per Unit $37,968 CAD
Sale Type Investment
Cap Rate 5.38%
No. Units 112
Property Type Multifamily
Property Subtype Manufactured Housing/Mobile Home
Building Class C
Lot Size 50.75 AC
Building Size 2,500 SF
Average Occupancy 45%
No. Stories 1
Year Built 1980
Parking Ratio 10/1,000 SF

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
23-0330001.700
Land Assessment
$183,634 CAD
Improvements Assessment
$339,477 CAD
Total Assessment
$523,110 CAD

zoning

Zoning Code Commercial
Commercial
  • Listing ID: 33882953

  • Date on Market: 2024-11-15

  • Last Updated:

  • Address: 6605 Marion Agosta Rd, Marion, OH 43302

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