CREOP.com

Recent Improvements

The subject property was purchased as a distressed property in February 2023. The current owners have made repairs to the infrastructure, remodeled homes, and brought in new tenants to lease up the park to near capacity. As of July 2024, there are only 2 vacant lots.
Current owners have remodeled 9 homes since the purchase of the park. 8 of the 9 homes that were remodeled have been sold to tenants. They currently have a newly remodeled home for sale that will be sold to a new tenant prior to the sale of the park.
Additional improvements to the community include: replacing two electrical poles, separating electric meter for the apartment on-site, adding 5 storage units, and cleaning up the main building and exterior grounds.

Rental Payment Information

Owners receive rental payments for lot rent, storage units, and one apartment on site. There are currently 3 tenants that live in RVs on the property. They pay the same amount in lot rent as the mobile homes.
Current monthly rents are as follows: - Lot Rent: $365 - RV Lot Rent: $365 - Storage Rent: $25-$100 - Apartment Rent: $725
Last rental increase was in March 2023.
Rent is paid online via Innago or a check/money order that is mailed directly to the park owner.

Utility and Infrastructure Description

The current utilities are as follows: - Water/Sewer - Municipal - Billed Back to Tenants - Garbage - Republic Services (Dumpster) - Billed Back to Tenants - Electric - First Energy - Directly Billed to Tenants - Natural Gas - Columbia Gas - Directly Billed to Tenants
The roads are maintained by the park owner and are gravel. They are in need of additional rock or to be paved by the future owner.

Comparable Lot Rents and Future Projections

Below are the current rents of local mobile home parks: Amherst Trail (Amherst, OH): $390 Cherry Knoll (Clyde, OH): $460 Crestview MHP (Wellington, OH): $470 - includes water & trash
Future income projections estimate a lot rent increase to $380/month in year 2, followed by a gradual 3% increase year over year.

Lorain, Ohio

Lorain, Ohio is located in Lorain County, off the coast of Lake Erie, 30 miles west of Cleveland. It has held a steady population of approximately 65,000 people for the last 10 years.
The current population of Lorain County is nearly 320,000. Between the years of 2017-2022, Lorain County saw a population increase of 3% (0.5% higher than the national average and 2.2% higher than Ohio's average).
The average household income in Lorain, Ohio is over $46,500. The community saw an increase in household income of over 10% between 2021 and 2022 (from $42,201 to $46,562).

Industry Overview

Lorain, Ohio, much like the rest of the region, is home to a large number of skilled trade and labor careers. The largest industries in Lorain are: Manufacturing, Health Care/Social Assistance, and Retail Trade.
The largest employers in the area include: Elyria Memorial Hospital, Ford Motor Company, Republic Steel Manufacturing, Invacare Corporation (surgical supply company), and various educational institutions.
The community's close proximity to Cleveland and the surrounding area allow the residents to take advantage of a variety of career opportunities. The average commute time for Lorain residents is about 25 minutes, which would allow for residents to travel into the Cleveland metro area for work.

Proximity to Other Metros

Lorain is less than 30 miles from Cleveland, OH, less than 100 miles from Toledo, OH, and less than 150 miles from Columbus, OH and Detroit, MI.