Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 13.0%
  • Listing ID: 2058777
  • Posted On: Feb 22, 2023
  • Updated On: May 27, 2023

Description

Marcus & Millichap is pleased to present Carriage Manor located in Flint Michigan. The 40 lot community off of South Dort Highway sits on a small footprint parcel nestled between commercial properties. The park is licensed for 53 homes, but a portion of the
property has been converted to outdoor storage currently being rented for $750 monthly. In addition to the storage lot there is one recently renovated apartment unit currently being occupied by the manager, and a garage rented for $1050 monthly. The lot mix in the
park consists of four privately owned homes, seven homes sold on contract to tenants, ten park owned homes, five vacant homes with varying renovation costs, and fourteen vacant
lots. Utilities are all public, and third party billing is used for water and electric. Tenants pay for all utilities at the community. The current owner has been reinvesting most profits
into the community since taking over ownership. Current ownership has been selling many of the homes to tenants rent to own contract sales. There is no shortage of inquiries
for rentals and home ownership according to the current operator. We invite you to look at this mobile home community well positioned for income growth.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 40
Total Occupancy: 56.0 %
Year Built: 1965
Average MH Lot Rent: $343
Size: 4 acre(s)

Financial Information (Pro Forma)

Gross Income: $183,552
Operating Expense: $105,609
Net Operating Income: $77,943
Expense Ratio: 57.5 %
Debt Info: No Debt

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $250