The Esterson MHC Team is pleased to present Waterside MHP, a value-add investment located in an opportunity zone with 72 MH lots and significant upside.
The community is centrally located in Ironton, OH. The Huntington-Ashland MSA has over 360,000+ people living there, providing a well-trained and very productive work force that enhances the area’s diverse employment base.
The nearby city of Huntington, West Virginia has a population of approximately 49,000 people and boasts a rich culture. Industrial Huntington, located along the Ohio River, is a transport center for traffic between Ohio, the Great Lakes, Kentucky, and points east of the Appalachians. The diverse industrial base includes chemicals, metal products, and glass products manufacturing.
Waterside MHP has 72 active lots: 17 tenant owned homes (TOH) and 55 vacant lots. All of the 55 vacant lots are home ready. The average lot rental rate per month is $335.
Waterside MHP is serviced by public water and sewer that 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 paved and in below average condition. The park is not affected by a flood zone (levee protected). Additionally, the park is in an opportunity zone.
The park is priced at $695,000. This is a value-add opportunity on a cash flowing asset upon entry. Seller is offering owner financing terms to qualified buyers: 30% down payment (70% LTV), 3 Year Term, 5% adjustable interest rate increased 1% per year, 30 year amortization. Conventional recourse and bridge lending may also be available for this community.
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