Mobile Home Park Details
- Distressed: This property is in default, REO or in foreclosure.
- Purchase Method: Cash
- Listing ID: 444270
- Posted On: May 14, 2014
- Updated On: Jul 15, 2014
Description
PROPERTY WILL BE AUCTIONED ON AUCTION.COM ON JUNE 2 - JUNE 4, 2014. THE PROPERTY ID IS 193013788
Opportunity to acquire an all age REO community with public utilities in Lansing, MI. The current receiver/manager has come in and stabilized the property, which will benefit a future operator.
Outstanding turnaround potential to purchase a well positioned community and still achieve high total returns by filling the available inventory and bringing in new homes.
Stable current tenant base with estimated 60% of tenants living there since park opened.
Offering includes 14 inventory homes, zero of which are currently occupied. Opportunity to establish a home rental or sales program to increase occupancy.
The community is serviced by public utilities.
Central location within Lansing, near retail, employers and major thoroughfares.
Location
Park Terrace is conveniently located off of Interstate 496, which runs through the heart of Lansing, MI.
With a population of over 464,000 in the MSA, Lansing is the state capital and a central hub for education and government activity.
The community is less than ten minutes away from Michigan State University, the state capital, and the Library of Michigan.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 158 |
| Total Occupancy: | 81.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $373 |
| Size: | 22 acre(s) |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
