Delaware MHP

Delaware Mobile Home Park consists of 67 spaces, located in Delaware, Ohio, a suburb ofColumbus. We were able to acquire this asset off-market via a strong broker relationship. The community is currently 75% occupied, comprised of mostly single-wide homes, with paved roads, on-site sewer plant, and city water. There is little-to-no deferred maintenance–the “mom and pop” seller did an excellent job of maintaining the property. Recent sales of older single-wide homes in the community have been in excess of $90,000! The 25% vacancy is due to the prior owner not having the resources to purchase and install new homes.

The Columbus market is the strongest residential market in the state, and the town of Delaware is an affluent suburb with a median home value of $398,000. The local economy is set to benefit immensely by Intel’s construction of two chip fabrication plants with an initial cost of $20B. In addition to 7,000 construction jobs, the two plants will create 3,000 permanent jobs at the two plants.

Our business plan is to quickly bring in new homes and raise rents to market over the first few years, resulting in a projected increase to net operating income of 160% over the first five years.

  • Date Acquired: 29 Nov, 2023

  • Acquisition Price: $2,700,000

  • Spaces: 67

  • City/State: Delaware, OH

Investment Package