Mobile Acres Mobile Home Park
Ashtabula, OH| Off-Market Acquisition | Q3 2026
Overview
Mobile Acres is a 100-lot manufactured housing community in Ashtabula, Ohio, acquired 94% occupied with a resident base that is largely tenant-owned (74 of 94 occupied homes). The community provides immediate cash flow with a clear, low-complexity path to added value through gradual lot rent increases, utility recapture, infill of vacant lots, targeted community improvements, and disciplined day-to-day operations.
About the Project
Manufactured housing remains one of real estate’s most resilient asset classes, anchored by a structural shortage of affordable housing and high barriers to new supply. Ashtabula reflects that dynamic well: median household income of roughly $44,000 and an average home price near $122,000 make clear the market’s need for affordable housing options.
Key attributes:
- 100 lots, 94% occupied at acquisition
- 74 tenant-owned homes, 20 park-owned homes
- Local economy anchored by manufacturing, healthcare, education, and tourism, with Ashtabula County Medical Center among the area’s largest employers
For Sunrise, Mobile Acres adds a stable, well-occupied community at an attractive basis, with the traits we prioritize most: a largely resident-owned base and meaningful room to bring rents to market over time. The community is managed through Sunrise’s proven, in-house manufactured housing operations system.
The Opportunity
The opportunity here is to operate an already-stable community efficiently while realizing the inherent value over time via these levers:
- Below-market rents. In-place lot rents sit below prevailing market, with the gap to be closed through phased, responsible increases.
- Occupancy and infill. Six vacant lots offer room to place additional homes, moving the community toward full physical occupancy.
- Park-owned homes. The 20 park-owned homes contribute additional rental income beyond lot rent.
- Utility recapture. Sub-metering will align utility costs with actual resident usage.
- Operational efficiency. Streamlined management and reduced controllable expenses to drive NOI growth, consistent with Sunrise’s proven operating processes.
The Execution Plan
Because Mobile Acres starts from a position of stability, Sunrise’s plan is one of disciplined operation rather than lease-up or redevelopment risk:
- Sequence the operating levers above methodically rather than all at once, prioritizing operational stability and resident retention
- Invest in light capital improvements, including roadwork and landscaping, to upgrade the community for existing residents
- Manage the park-owned home component to preserve rental income
- Apply the same repeatable, light value-add playbook Sunrise has run across its manufactured-housing portfolio for more than a decade
- Place long-term agency financing at a conservative loan-to-value
Sunrise’s aim is a long-term holding that preserves the stability Mobile Acres was acquired for, while methodically realizing its potential value.