Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.2%
  • Listing ID: 864186
  • Posted On: Oct 1, 2017
  • Updated On: Dec 11, 2023

Description

Excellent community nestled next to a lake all ages community. This 76 lot Manufactured Housing Community is located 35 miles south of Lansing, Michigan the capital of the state. There are 69 tenants living in the community and three homes just brought in. The occupancy is high and the community is serviced by well maintained wells and septic system. The community has back a new back up generator system and a long term management couple in place.
As one drives through the community you will probably be struck by the wonderful mix of old and new homes and the excellent care they receive. A farmer's market, car show, antique tractor show, and Sandhill crane festival are a few of the events that add to the quality of life.

Amenities

  • Storage
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 76
Total Occupancy: 92.0 %
Year Built: 1972
Average MH Lot Rent: $270

Financial Information (Actual)

Gross Income: $262,456
Operating Expense: $90,071
Net Operating Income: $172,385
Expense Ratio: 34.3 %

RV Information

Number of RV Lots: 0

Utility Information

Water: Well
Water Paid By: Tenant - Submetered
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 6
Average Rent for Park-owned Homes: $450

Other Listings by Michael Calin

Similar Mobile Home Parks for Sale