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Confidential Michigan Community #110 Somewhere in Michigan

For Sale     $1,050,000

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Contact Information

Michael Calin

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Mobile Home Park Details

  • Price: $1,050,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.5% (Actual)
  • Listing ID: 1947133
  • Posted On: Dec 2, 2022
  • Updated On: Feb 2, 2025

Description

Quiet community with tremendous room for upside metering utilities and filling vacant pads. This community is being offered at an 11 cap rate on actual numbers. There is land that can be used for a storage development or outside storage increasing revenues as well. This community is a staple of the area with an established reputation. With a little TLC and capital this gem will flourish.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 50
Total Occupancy: 50.0 %
Year Built: 70
Average MH Lot Rent: $350
Size: 20 acre(s)

Financial Information (Actual)

Gross Income: $132,240
Operating Expense: $28,720
Net Operating Income: $103,520
Expense Ratio: 21.7 %

Lot Information

Singlewide Lots: 50

RV Information

Number of RV Lots: 0

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 13
Average Rent for Park-owned Homes: $750

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