56 Jefferson St Norwalk, OH 44857-1465

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.