Mobile Home Park Details

  • Property ID: 1010606
  • Posted on Nov 26, 2018

Property Description

Marcus & Millichap is pleased to present the opportunity to acquire The Willows MHC located in Goshen, Indiana. The Willows is a 4.5 star, 55+ senior manufactured home community situated on 57.48 acres, built in 1999, and is comprised of 145 existing spaces. The property is currently 92% occupied. Additionally, there is sufficient land to add 8 new MH spaces. As of October 2018, there are currently 12 vacant sites, not including the 8 additional development sites, the Year 1 Pro Forma shows a vacancy of 7 sites. Finally, the property includes a 6.29 acre parcel of land zoned B4 (commercial) that would be well suited for a self-storage facility, which represents further value add opportunity. The Willows is comprised of primarily doublewide homes (90%), with most accompanied by an attached 1-2 car garage. The existing spaces and the park’s amenity structures and green spaces occupy 41.2 acres and the balance of ~16 acres is unimproved (vacant or RV storage area). Additionally, the second-floor of the community center has two apartments, which are leased and generate revenue. The senior park market is ~94% leased.

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Park Information

Community Type: 55 And Over
Number of MH Lots: 145
Total Occupancy: 92.0 %
Year Built: 1999
Size: 57.5 acre(s)

Lot Information

Singlewide Lots: 145

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

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