Photo of Mobile Home Park

Mobile Home Park Details

Purchase Method: Cash
Listing ID: 676942
Posted On: Jun 13, 2016
Updated On: Aug 15, 2016

Description

-REO AUCTION | July 11-13, 2016 | www.ten-x.com/commercial
-Event Item #: B184-110 | $10k bid deposit | $1,400,000 starting bid
-Rare high-quality REO, value-add opportunity with 285 sites and 59% occupancy.
-Property management company took over in late May 2014 and has done a great job of stabilizing the community, so a new owner can focus on adding value by filling sites.
-As of June 2016 the property has no park-owned homes and has upside potential in raising rents. The park has not had any recent rent increases and the park's main competitors have site rents that are $40 to $50 higher.
-Occupancy has remained stable at about 59% since January 2016.
-Strong lot rents of $365 and positive cash flow position the community well for the implementation of a home sales or rental program.
-Approximately half of the tenants are seniors.
-The community is already set up on public water and sewer.

Location

-The county seat of Lenawee County, Adrian had an estimated population of 20,840 in 2014.
-Adrian is located within an hour and a half of Jackson, Ann Arbor, Detroit and Toledo.
-NASCAR’s fastest track, Michigan International Speedway, is 30 minutes away and has an economic footprint of more than $414 million per year according to a study done by the University of Michigan.
-Maple Woods has proximity to three colleges and universities: Adrian College, Jackson College and Siena Heights University.
-The historic Croswell Opera House is currently raising $6.2MM for a major renovation project as part of a community-wide effort to revitalize Adrian’s downtown district.
-ProMedica Bixby Hospital is three miles from the community and features full-service acute care with 88 beds and more than 120 doctors.
-The Inergy Automotive plant, one of the city’s top ten employers, is directly across the street from the community.

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