Mobile Home Park Details
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Purchase Method:
Cash, New Loan
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Cap Rate:
6.5%
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Listing ID:
1910074
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Posted On:
Oct 17, 2022
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Updated On:
Jan 11, 2023
Description
PROPERTY HIGHLIGHTS
• New municipal water infrastructure.
• Paved roads and freshly sealed throughout the community.
• Licensed for 72 mobile home units: 53 are occupied, 9 vacant, 10 empty lots. Opportunity to increase occupancy by 36% in the mobile home space alone.
• Lot and home rents are well below market. Currently, lot rents alone average $652 per month with a range of $457-$1197.
• Vacant structures on the property provide opportunity for additional tenant and/or storage rents: 1 duplex, 5 cabins, numerous storage sheds.
• Opportunity to implement RUBS on water usage.
• Opportunities to provide additional amenities, such as a dog park, playground, firepits, nature trails, etc.
• Community will greatly benefit from professional management.
Location
Winslow Mobile Home Park is approximately 14 acres over two parcels of maturely wooded land in Meridian Township, Michigan. Backing to a nature preserve, it provides tenants with both
privacy and opportunities for outdoor recreation and enjoyment.
Located just five miles east of Michigan State University and minutes away from Meridian Mall, Winslow MHP finds itself in a sprawling, family-friendly suburb of Lansing, MI. Okemos School District is considered highly-desirable. Okemos High School, for example, earns an 8 out of 10 score from Greatschools.org. This A-/B+ class area attracts professionals, families and university students. Adjacent to the property, for example, lies a subdivision of homes valued in the $600,000-$700,000 range -
more than double the value of the average home in Michigan. The demand for affordable housing remains strong. Two bedroom, one bathroom apartments in the area are commanding an average rent of $1100-$1200 per month.
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
Utility Information
| Water: |
City |
| Water Paid By: |
Park
|
| Sewer: |
Septic |
