Photo of Mobile Home Park

Mobile Home Park Details

Purchase Method: Cash
Listing ID: 554029
Posted On: Aug 18, 2015
Updated On: Aug 1, 2016

Description

- PRICE REDUCED
- Tremendous value-add potential to buy a park with 54% economic occupancy and 40 vacant inventory homes in a county with an estimated 2014 population of over 410,000.
- Price includes 85 inventory homes (40 vacant as of July 15), 27 of which are either rentable or may be refurbished and then rented out.
- If buyer can fill half of vacant inventory homes then unlevered return could be well over 30%.
- Community offered below replacement cost.
- Some unusable lots due to homes being placed in such a way that they take up multiple spaces. Might be opportunity for new owner to reconfigure lots.
- Community features public utilities, a grid layout and mature trees throughout.

Location

- Genesee Villa sits one mile south of C S Mott Lake, a 1,200-acre fishing reservoir popular for catfish and largemouth bass.
- 120 vendors operate out of the 1.2-million square foot Genesee Valley Center, sitting less than 20 minutes from the community. Burlington Coat Factory, J.C. Penney, Macy' s and Sears anchor the mall.
- The Kearsley High School and the Carpenter Road Elementary School are both within two-miles of the community.
- The Aspen Institute rated Mott Community College, less than seven miles from Genesee Villa, among the Nation' s top-ten community colleges.
- The Flint MSA unemployment rate, not seasonally adjusted, dropped almost 12 percentage points from 16.9% in July 2009 to 5.4% in April 2015.
- General Motors reported 13,975 employees in 2014 making it Flint' s largest employer. Other major employers include the McLaren
Regional Medical Center, Hurley Medical Center, and the University of Michigan.
- In 2014, the area attracted multiple major investment projects such as the construction of the $267 million Karegnondi Water Authority pipeline and the expansion of the General Motors Flint Truck and Engine Facility which added 150 new jobs.

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