Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.6%
  • Listing ID: 3184896
  • Posted On: Jun 20, 2023
  • Updated On: Dec 19, 2023

Description

Lake Charlevoix’s Waterfront Highest Demand Last Largest Piece Of Real Estate. 4.8 Acres Operational Mobile Home Park With Short Term Rental Income and Long Term Rentals. Maximize this Waterfront Community Taking The Business As Is Or Start From Scratch With Hotel Or Condo Development! Inspection Done, Phase 1 Environmental Report Done.

Location

Perfectly Located Half Mile From Charlevoix Downtown Shopping, Immediate Access To Biking Trails, 30 Feet Waterfront Sandy Beach Shoreline, 1 Mile To Charlevoix Municipal Airport, 2 miles to Charlevoix Marina, 20 Miles To Boyne Mountain Ski Resort, 15 Miles to Petoskey, 30 Miles to Tunnel of Trees, 8 Miles To Little Traverse Bay. From beaches to ferries, outdoor adventuring and rock hunting, mushroom houses, to downtown shopping and dining – “Charlevoix the Beautiful” is a Michigan destination you don't want to overlook. While you soar over Charlevoix, you could see Beaver Island, Mackinac Island, Mackinac Bridge, and Lake Charlevoix. Charlevoix is all about its fresh water! When you visit, we recommend you get out on the lakes with a kayak, sailboat, motorboat, or stand up paddleboard. Also, experience a paddle down the Jordan River.

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Park Information

Community Type: All Age
Number of MH Lots: 35
Total Occupancy: 100.0 %
Year Built: 1960
Average MH Lot Rent: $2,000
Size: 5 acre(s)

Financial Information (Pro Forma)

Gross Income: $315,000
Operating Expense: $124,258
Net Operating Income: $190,741
Expense Ratio: 39.4 %

RV Information

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

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 35
Average Rent for Park-owned Homes: $900