M&K MHC | 2915 Glanzman Rd, Toledo, OH - 2915 Glanzman Rd, Toledo, OH 43614

Colliers International is pleased to present the opportunity to acquire the M&K MHC, a manufactured home community located in Toledo, Ohio. The 3.92-acre property is licensed for 43 homes and includes 33 improved occupied sites located approximately 5 miles from downtown Toledo.

Toledo is the fourth largest city in the state of Ohio and is home to many large employers including Owens Corning, ProMedica, and HCR ManorCare. The community is conveniently located on the southwest side of town approximately one mile from the nearest Walmart and a high density of employers such as The University of Toledo Medical Center, University of Toledo Scott Park Campus, and various industrial and retail centers.
The community offers 33 improved sites on city water and sewer. There are 7 resident owned homes, 22 occupied rental homes, and 4 vacant community owned homes, with an average site rent of $334. Water and sewer are master metered, and the park owner charges residents a $50/month flat fee for water and sewer usage. Electric is billed directly to residents by Toledo Edison, and trash is paid by the park owner.

There are several opportunities for a new owner to grow NOI and add value at the property including:

• Increase site rents. Comparable site rents in the area range from $340 - $435 with an average occupancy of 88%. Nearby 2- bedroom apartments rent in the $600 - $750 range.
• Fill 4 vacant community owned rental homes
• Sub-meter water and sewer and bill residents based on usage
• Begin billing residents for their individual trash receptacles

Property located 5 miles from downtown Toledo, OH
600,000+ population within a 20-mile radius
Toledo, OH is the fourth largest city in Ohio
City utilities on master meter with flat fee billback to residents
43 licensed sites with 33 improved, occupied sites encompassing 7 resident owned homes and 26 community owned rental homes
4 vacant community owned rental homes
Opportunity to increase rents and sub-meter utilities
Median home price is $125,000
Area unemployment rate is 4.9%