56 Jefferson StNorwalk, OH 44857

  • Residential income properties
  • 256 SF
For Sale
$229,900 View listing

Property Details for 56 Jefferson St

Year built
1955
Lot size
0.23 AC
Property size (Sq ft)
256 SF
Property type
Residential income properties
Property subtype
Mobile home & RV parks
APN
33-0160-04-037-0000
APU
330160040370000

Description

This privately owned, Class B mobile home park in Norwalk, Ohio, presents a compelling investment opportunity. Situated on a 29,700 sq ft lot at 56 Jefferson St, the property includes eight units: seven tenant-owned mobile homes and one park-owned mobile home currently generating $512 monthly income under the METRO Housing program. Two additional concrete pads are ready for mobile home placement, with existing septic and water lines; only electrical connections are needed. The park also features two RV spots with full hookups, currently generating income for six months of the year. Built in 1955 with ongoing renovations, the property boasts a current NOI of $27,981, yielding a 12.17% cap rate. Pro forma projections, based on potential lot rent increases to $300/month (most lots) and $250/month (one lot), and full utilization of the RV spots, indicate a significantly higher NOI of $42,437 and a potential cap rate exceeding 16%. The property's convenient online tenant portal facilitates absentee ownership. The permitted zoning is commercial. The asking price is $229,900, representing a price per pad of $22,990. This property offers immediate income and significant upside potential for a savvy investor. The high demand for RV spaces in the area further enhances the investment prospects.

56 Jefferson St, Norwalk, Ohio

Location Insight

City
Norwalk
County
Huron
State
Ohio
Latitude
41.2424
Longitude
-82.6262
CBSA code
35940
CBSA name
NORWALK, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$644
$6,220
$6,680
$12,900
-
$17,760
$19,090
$36,850

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