The Esterson MHC Team is pleased to present Cypress Point MHP, a value-add investment with 266 MH lots.
This asset has multiple upside opportunities including occupancy and revenue growth as well as home sales.
The community is centrally located in Toledo, OH. This location provides residents with a great place to live, raise a family and also find employment. The Toledo MSA has over 640,000+ people living there, providing a well-trained and very productive work force that enhances the areas diverse employment base.
There are 112 lots currently rented: 83 tenant owned homes (TOH), 4 RV lots, and 25 park owned homes (POH). Of the remaining 154 lots, there are 20 vacant POH, 28 lots with an abandoned home and 106 vacant lots. All of the 106 vacant lots are home ready.
There are 45 park owned homes which includes 28 brand new 2022 POH. They are all 16 X 70 models. 25 POH are rented. 20 of the new homes are rented for an average of $943 a month, the 5 older occupied POH average $558. The remaining 12 vacant older POH will need upfitting or removal.
The lot rent only tenants currently pay an average lot rental rate of $365 per month with rents increasing on Nov. 1 to $395, a $30 a month increase, which is below the current market rent estimated at $400-$500 based on rent comparable surveys and JLT report. The overall market should be able to support higher lot rents based on limited affordable housing supply and growing demand in this market because of new job creation.
Cypress Point is serviced by public water and sewer and the tenants are billed back on a flat fee which also includes curbside trash. All utility systems are believed to be in working order however some systems may need to be eventually replaced. The park is built on a former landfill and has a clean Phase 1 & 2 Environmental Report. The community is gated and requires a keycode to access. The roads are paved and in average condition. The park is not affected by a flood zone and is not in an opportunity zone.
The park is priced at $4,750,000 including all park owned homes. This is a value-add opportunity on a cash flowing asset upon entry. Conventional recourse and bridge lending should be obtainable for this community.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.