Arbor Village - for Sale in Parma, Michigan
7940 S. Circle Drive
Parma, MI 49269
View on Map
Email Broker
Mobile Home Park for Sale |
|
| Number of MH Lots: | 266 |
| Size: | 78 acre(s) |
| Cap Rate: | 10.0% |
| Purchase Method: | Cash |
| Status: | Off Market |
| Property ID: | 108056 |
| Posted on: | Nov 14, 2011 |
| Updated on: | Feb 13, 2012 |
Property Description
This is an opportunity to invest in a soft turnaround MHC. Much of the hard work has been done and the community is positioned for future growth with steady on-site management. The community currently has 153 sites generating revenue and 2 Community owned homes that are not rented. Average Site rent is approx. $302 plus $23 for water RUBS. The turnaround can come from renting up those community owned units or selling on installment. There are approximately 30 homes that have been sold on installment plans that will transfer to the new owner as well.
Location Description
The property is located west of Jackson between Parma and Spring Arbor Township. The property is located approx. 3.5 miles south and west of Dearing Road exit of I-94.
Park Information
| Number of MH Lots: | 266 |
| Total Occupancy: | 59.0% |
| Year Built: | 1968 |
| Average MH Lot Rent: | $325 |
| Size: | 78.0 acre(s) |
Financial Information (Actual)
| Gross Income | $598,577 |
| Operating Expense | $283,762 |
| Net Operating Income | $314,816 |
| Expense Ratio | 47.4% |
| Debt Info |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | City |
Amenities and Other
| Pool: | Yes |
| Club House: | Yes |