Key Estates & Silverstone Lake Estates Portfolio

Norwalk & Ashland, Ohio

Property overview

Key Estates is a 3 star, all ages community developed in 1973 in Norwalk, Ohio. The community has 81 total sites and stabilized occupancy with 39 resident-owned homes and 8 leased homes. The park owned homes make up only 16% of the park, with 8 leased homes, 3 vacant inventory homes, 10 leased duplex homes and 3 vacant duplex homes. Unique to Key Estates, there are 13 single wide homes that are duplexes, which allow for 26 paying units. Of these units, 15 are leased and 11 are vacant. There is also a stick built home not included in the total site count that brings in $750 per month. Local economic growth, particularly in the industrial sector, will continue to fuel the need for affordable housing in the coming years.

In addition, to adding new homes an investor should immediately acquire the titles to the abandoned homes and immediately renovate them or sale them “As-Is”.

Silverstone Lake Estates is a 3.5 star, all ages community developed in 1977 in Ashland, Ohio. The community has 143 total sites and strong occupancy with 108 resident-owned homes, 9 leased homes, 3 vacant inventory homes, 1 employee site, 16 vacant sites and 6 abandoned homes. There is also 1 stick built home not included in the total site count, which brings in $1,200 in monthly income. Silverstone Lake Estates rests in “The World Headquarters of Happy People,” Ashland, Ohio. Ashland provides a wholesome, family oriented tenant base to build on.

In addition, to adding new homes an investor should immediately acquire the titles to the abandoned homes and immediately renovate them or sale them “As-Is”.

Key Estates & Silverstone Lake Estates Portfolio

Norwalk & Ashland, Ohio

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Property Summary

Total Sites224
Year Constructed1973/1977
Land (Acres) +37.93
Occupancy78.6%
Average Rent/Site$350

OFFERING SUMMARY

Community PriceUnpriced
Community Owned Homes & NotesUnpriced
Total InvestmentUnpriced