Richmond & Deluxe MHPs

Address: 2654 Richmond Ave NE, Canton, OH 44705

Address: 3454 Hilton Street NW, Massillon OH 44646

We are pleased to present a unique opportunity to acquire two mobile home parks in Northeast Ohio that must be sold together. Both parks are well-maintained, near full TOH’s occupancy, room to grow rents, and come with very attractive in place assumable agency financing terms.

Property Details:

Richmond MHP

• Location: 2654 Richmond Ave NE, Canton, OH 44705

• Maps Link: Click here

• Total Sites: 59

• Single-Family Home (SFH): 1 (rented)

• Occupancy Rate: 93%

• 4 homes on installment plans

• Average Rent: $412

• Utilities: City water/sewer, sub-metered

Deluxe MHP

• Location: 3454 Hilton Street NW, Massillon, OH 44646

• Maps Link: Click here

• Total Sites: 26

• Single-Family Home (SFH): 1 (30 yr resident of home)

• Manager on site lot rent comp (lot 15), no other comp

• Occupancy Rate: 100%

• 2 homes on installment plans

• Average Rent: $407

• Utilities: City water/sewer, sub-metered

Financial Highlights

• Asking $4.75M ($3.45M & $1.3M)

• T12 Gross: $497,106

• T12 NOI: 292,000 (assuming a 5% management fee instead of ~16% internal management fee to owners)

• Rent Increase: $29 increase March 1 2025

• 30K additional NOI

• Projected NOI $322,000

• In Place Cap Rate: 6.8%

Financing Terms

• These parks are being sold as a package with an Assumable Fannie Mae loan in place:

  • Loan Amount: $2.765M

  • Interest Rate: 4.65% (Interest Only)

  • Term Remaining: 3yrs I/O then amortized over 30 yrs for another 5 years.

This portfolio offers stable occupancy, 100% TOH plus two rented SFR, and excellent assumable in place financing terms. Let me know if you would like additional information or to schedule a visit.