Photo of Mobile Home Park Entrance
Photo of Mobile Home Park Entrance
Photo of typical home in the park
Photo of typical home in the park
Photo of typical home in the park
Photo of typical home in the park
Photo of typical home in the park
Photo of typical home in the park
The park office
The park office
View within the park
View within the park
Photo of Mobile Home Park Entrance
Photo of typical home in the park
Photo of typical home in the park
Photo of typical home in the park
The park office
View within the park

Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 18.0%
  • Listing ID: 428116
  • Posted On: Aug 25, 2014
  • Updated On: Oct 10, 2014

Description

33 Acre Mobile Home Park located in Flint, MI. 212 pads, on public water and sewer. NOI in place is $184,000, with significant upside to increase occupancy levels.

This park was taken through a foreclosure following several years of mis-management, and has been stabilized and is now growing again. It is fully managed and operated by onsite management team who reside on the property. Current ownership has made significant investment over the past 2 years in infrastructure, equipment, office setup, security, training and computer and software systems which allow the park to run smoothly and more efficiently. Property taxes have been reduced to be inline with the actual value and asking price of the community.

Note that there is significant upside to this offering, with ability to sell additional park owned homes.

This is a confidential offering, please DO NOT visit the community or talk to any residents or park management. Please direct all questions to the seller at the number on this listing. Confidentiality agreement is required prior to distributing the offering package.

33 level acres in or around Flint, MI. Significant upside to this confidential offering.

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

Park Information

Community Type: All Age
Number of MH Lots: 212
Total Occupancy: 42.0 %
Year Built: 1965
Average MH Lot Rent: $309
Size: 33 acre(s)

Financial Information (Actual)

Gross Income: $355,882
Operating Expense: $173,293
Net Operating Income: $184,000
Expense Ratio: 48.7 %

RV Information

Number of RV Lots: 212
Average RV Lot Rent: $310

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 60
Average Rent for Park-owned Homes: $310