Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 10.0%
- Listing ID: 108055
- Posted On: Nov 14, 2011
- Updated On: Feb 13, 2012
Description
This soft turnaround MHC deal is located in a high income area of Oakland County, MI. Much of the hard work has been done and the community is on a steady run of increasing revenue. Strong on-site management. The 423 licensed site MHC has approx. 34 community owned homes that can be brought online for approx. $150,000, adding approximately $180,000 in NOI. The GM Orion Assembly Plant recently reopened, driving steady demand for homes. Current owners have brought 50 homes online and all have been rapidly sold on notes which would come with the sale. Current Average in place site rents are approx. $445.
Location
Located north of the Lapeer Road (M-24) exit of I-75, and a short drive to the Palace of Auburn Hills and Great Lakes Crossing regional shopping mall. This is a strong location.
Amenities
- Laundromat
- Club House
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 423 |
| Total Occupancy: | 65.0 % |
| Year Built: | 1967 |
| Average MH Lot Rent: | $445 |
| Size: | 76 acre(s) |
Financial Information (Actual)
| Gross Income: | $1,304,812 |
| Operating Expense: | $568,695 |
| Net Operating Income: | $736,117 |
| Expense Ratio: | 43.6 % |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | City |
