AUSTIN MANOR ESTATES

GENEVA, OHIO

3583 Austin Road, Geneva, OH 44041

Property Highlights

SITES

OCCUPANCY

AVERAGE SITE RENT

2017 NOI

2018 NOI

PRO FORMA NOI

REAL ESTATE PRICE

HOMES PRICE

TOTAL OFFERING PRICE

180

63%

$317

$301,760

$302,310

$291,856

$4,170,000

$500,000

$4,670,000

Investment Highlights

• 180 Sites Located in Northeast Ohio
   

• Opportunity to Implement an Aggressive Sales Program to Increase Occupancy
   

• 100,432 Population Within a 15 Mile Radius and a Median Housing Value of $142,915
   

• Public Water and Public Sewer
   

• Average Market Rents

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Listed By:

Jonathon McClellan

(216) 264-2023

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Kyle Baskin

(216) 264-2059

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Connor Outcalt

(216) 264-2029

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Property Overview

Marcus & Millichap is pleased to present the opportunity to acquire a mobile home park located in Northeast Ohio, known as Austin Manor Estates. Austin Manor is an all age community that contains 180 sites, licensed for 184 sites, and is on public water and sewer.

Austin Manor Estates located at 3583 Austin Road, Geneva, OH has an average rent of $317 per month with a 63 percent occupancy rate. A new investor can implement an aggressive home sales program to increase occupancy in an area that boasts a population of 100,432 people in a 15 mile radius and a median housing value of $142,915.

The community is being offered for a total price of $4,670,000 with $4,170,000 allocated to the real estate and $500,000 allocated to the 25 park owned homes. At the current asking price on the real estate, a new investor can assume a 7.00% Year 1 Cap Rate.

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