3019 Nebraska Ave - Manufactured Housing/Mobile Housing FOR SALE


Toledo, OH 43607- Scott Park
$2,950,000 USD
770-933-8585
3019 Nebraska Ave, Toledo, OH for Sale
$2,950,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/8
null | Request Cap Rate

3019 Nebraska Ave
Toledo, OH 43607
Scott Park


HIGHLIGHTS

  • Lot rents are well-below market averaging $441 with Toledo MSA rents averaging $505+
  • Lot rent represents an 11% discount to market and significant upside for new ownership post-stabilization.
  • 51 vacant homes sit on the property representing immediate leasing upside.
  • Infill homes onto the 39 vacant sites at market rates will significantly improve revenue, allow ownership to move current tenants towards market rates
  • Excellent location - 5 miles west of downtown with a surrounding population of more than 650,000 residents & 12 miles to the Eugene F. Kranz Airport

OVERVIEW

Colliers Manufactured Housing & RV Group, serving as the exclusive agent for the Owner, presents the offering to acquire Toledo Estates, a 125-total site, all-ages mobile home communit in the heart of Toledo, Ohio just two miles from the University of Toledo and centrally positioned less than 5 miles from both I-475 and I-75, providing residents quick and convenient access to all the surrounding dining, retail, shopping, area attractions and more that Toledo has to offer. The city of Toledo continues to distinguish itself as one of the Midwest’s most affordable housing markets, offering a compelling combination of attainable housing costs and stable renter demand. Toledo Estates prime infill position offers investors an attractive combination of durable workforce housing demand, belowreplacement cost pricing and a diversified regional economy. Toledo Estates presents a significant infill and revenue-growth opportunity. With 51 vacant homes and 39 vacant pads served by in-place infrastructure and rents below 2025 market average of $505, an operator with manufactured-housing expertise can rapidly rehab and sell/rent existing homes and bring in new homes, to lift occupancy, and drive substantial revenue growth. There is a clear path to accelerated stabilization and the opportunity represents a compelling return on invested capital. The asking price for the park is $2,950,000 ($23,600/site).

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$29 USD /SF

# OF UNITS

125

PRICE/UNIT

$23,600

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Toledo Estates

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

ADD'L SUBTYPES

Storefront Retail/Residential, Apartments, Dormitory

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

PARKING SPACES

-

LAND DETAILS

LAND ACRES

17.41 AC

LAND SF

758,380 SF

ZONING

-

APN/PARCEL ID

20-04357

ASK ABOUT THIS PROPERTY

Mike NissleyColliers Manufactured Housing & RV GroupMore Info
770-933-8585

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Mike NissleyColliers Manufactured Housing & RV GroupMore Info
770-933-8585

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.