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
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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 % |
Lot Information
Singlewide Lots: | 72 |
Doublewide Lots: | 4 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
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 |