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Address is 10470 Dixie Hwy Fair Haven, MI 48023

Todd Szymczak

NAI Farbman

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Anchor Bay MHC & Marina

Multi Family Housing for Sale in Fair Haven, Michigan

10470 Dixie Hwy
Fair Haven, MI 48023

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Sale Price: $16,400,000
 

Contact Information

Todd Szymczak
NAI Farbman
www.naifarbman.com

Mobile Home Park for Sale

Number of MH Lots: 1138
Size: 267 acre(s)
Cap Rate: 9.1%
Purchase Method: Cash, New Loan
Status: Active
Property ID: 284468
Posted on: Oct 03, 2012
Updated on: Aug 17, 2015
Price: $16,400,000

Property Description

Anchor Bay Mobile Home Park is a 1,138-pad mobile home park situated on 267 acres located at 10470 Dixie Highway in Fair Haven, MI (next to New Baltimore). The communities offer approximately 55% single-wide pads and 45% double-wide pads . The communities are connected to municipal water supply and sewer.
The property features 2 all brick clubhouses within the community. The first is utilized as the management office and features a pool and sundeck. The second clubhouse is a community activity center for resident teens in the afternoon. This clubhouse also features a large pool and sundeck and a large playground.
The Marina and Boat Club is open to the public and is utilized primarily by non-residents. The property contains a clubhouse with two kitchens, two bathrooms, and two gathering rooms. The property also features an apartment above the clubhouse. A separate smaller building includes an office, two bathrooms and showers for boaters to utilize without entering the clubhouse. There are two boat launches for dry well renters to launch their boats on an as-needed basis. The Marina and boat club has a very loyal and steady customer base. There is tremendous upside potential here in re-positioning the various phases of the community.

Location Description

Anchor Bay Mobile Home Park is located in St. Clair County, just across the border from Macomb County. The community is just one mile east of New Baltimore, a robust middle class community located along I-94 approximately 31 miles north of Detroit and 22 miles south of the Port Huron. The subject community is located on the northern end of the beautiful and popular Lake St. Clair, a major draw for recreational boaters, fishers, and a commercial shipping channel through the great lakes. The community benefits from lake access and the area benefits from access through several nearby public parks and marinas.
Anchor Bay Mobile Home Park is conveniently located on Dixie Hwy (M-29), less than six miles east of the 23 mile road exit for I-94, allowing residents easy access to one of the areas major traffic arteries. At I-94 and 23 Mile road, there are numerous options for shopping and services for tenants, including a Best Buy, Dicks Sporting Goods, Meijer, multiple restaurant options, and much more.

Park Information

Number of MH Lots:1138
Total Occupancy:42.7%
Average MH Lot Rent: $390
Size:267.0 acre(s)

Financial Information

Gross Income$2,975,599
Operating Expense$1,478,036
Net Operating Income$1,497,562
Expense Ratio 49.7%
Debt Info

Utility Information

Water:City
Water Paid By: Tenant - RUBs
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:130
Average Rent for Park-owned Homes: $293

Amenities and Other

Pool: Yes
Club House: Yes
Storage: Yes