Lender Directed Sale | Mobile Home Park | Gaslight Village MHP | Akron, OH MSA

Investment Highlights

• 104-site mobile home park located in Tallmadge, OH (Akron suburb)
• 5 apartment units providing additional income potential
• Approximately 28% occupancy (30 occupied MH sites), offering significant value-add opportunity
• Over 70% vacancy supports a full repositioning and value creation strategy
• 27 vacant pads with no structures allow for immediate infill
• Currently recovering only 30% to 35% of utility expenses, presenting significant NOI upside through improved collections and occupancy
• Strong demand for affordable housing in the Akron MSA, supported by a stable suburban location with access to employment, retail, and healthcare
• Workforce-oriented demographics supported by ±120,000 residents within a 5-mile radius and average household incomes exceeding $80,000

 

Property Overview

Friedman Real Estate, in partnership with RI Marketplace, is pleased to present the exclusive marketing and sale of Gaslight Village, a 104-site mobile home park community with 5 additional apartment units located in Tallmadge, Ohio, within the Akron MSA.

The property is currently operating at approximately 28% occupancy, presenting a significant value-add opportunity through lease-up, infill of vacant pads, and repositioning of non-performing units. With over 70% vacancy, investors have the ability to execute a comprehensive turnaround strategy and drive meaningful value creation.

The community includes 27 vacant pads with no existing structures, allowing for immediate infill without demolition costs. Additional vacancy consists of homes in varying condition, providing flexibility for renovation, replacement, or removal based on the buyer’s operational strategy.

Lot rents are currently below market, offering additional upside as occupancy improves. Utilities are already submetered and billed to tenants; however, current recovery is limited due to low occupancy and collections, creating further opportunity to increase NOI through improved operational efficiency.

Upon stabilization, the property presents the opportunity to achieve significantly higher occupancy and income levels through a combination of lease-up, rent growth, and expense optimization.

 

Location Overview

Tallmadge, Ohio is a well-established suburban community located within the Akron metropolitan area in Northeast Ohio. The city benefits from its proximity to major employment corridors, retail centers, and healthcare providers, making it an attractive location for workforce housing.

The Akron MSA is supported by a diverse economic base, including healthcare, manufacturing, logistics, and education, providing stable employment opportunities for residents. Major regional employers and institutions contribute to long-term economic stability and consistent housing demand.

The property is located within a densely populated area, with approximately 120,000 residents within a 5-mile radius and average household incomes exceeding $80,000, supporting strong demand for affordable housing, including manufactured housing communities.