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Firelands Manor & Midtown Manor

Wakeman & Norwalk, Ohio

Property overview

Huron County is home to a diverse and vibrant array of manufacturers. For a county with just under 60,000 people, Huron County still has several manufacturers employing over a 1,000 employees yet also has a multitude of smaller shops which incubate hard working, skilled manufacturing entrepreneurs.

Firelands Manor is a solid 3.5 star, all ages community developed in 1975. The community has 158 total sites with 82% occupancy of 77 resident-owned homes, 51 leased homes and 1 employee site. Additionally, there are 5 inventory homes, 17 vacant sites and 7 abandoned homes. The average site rent is $342 and the average age of the inventory homes is 1995. The demand in this community is extremely strong for home ownership as well as rentals.

Midtown Manor is a solid 3.5 star, all ages community developed in 1994. The community has 237 total sites with a strong occupancy of 114 resident-owned homes, 78 leased homes, 6 inventory homes, 2 rent own homes, 1 employee site and 25 vacant sites, 11 abandoned homes. There are an additional 3 apartments that are on the rent roll, but are not included in the total site count. The average site rent is $428, and the average age of the inventory homes are 2000. The demand in this community is extremely strong for home ownership and rentals.

Firelands Manor & Midtown Manor

Wakeman & Norwalk, Ohio

For detailed information on this property please contact: Enon Winkler (407) 616-0250.

Property Summary

Developed Sites395
Year Constructed1975 / 1994
Land (Acres) +81
Occupancy82%
Average Rent/Site$342
STAR CLASSIFICATION3.5

OFFERING SUMMARY

Community Price$19,000,000
Total Investment$19,000,000
Cap Rate - Year 1 (With Reserves)6.94%