56 Jefferson StNorwalk, OH 44857

Property Details for 56 Jefferson St

Year built

1955

Lot size

0.23 AC

Property size (Sq ft)

256 SF

Property type

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.

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

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