Contact Information

Mobile Home Park Details

  • Price: $5,350,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.0%
  • Property ID: 1019437
  • Posted on Jan 2, 2019

Property Description

Three stabilized and long-time family owned mobile home communities, totaling 165 sites. Seller will offer them as a package or individually, except that a purchaser will need to buy Phelps to get Dogwood. These well-managed properties are at 87.2% overall occupancy. The park owned inventory features nice homes with mostly seasoned balances, resulting in favorable pricing for that component of the deal. Offered at an 9.0% cap rate on the real estate NOI. Tenured resident managers at each location. Michigan broker of record: Kurt Kuntz, NAI Wisinski of West Michigan.

Location

Located in the prosperous West Michigan area, locations are near Grand Rapids and Kalamazoo, MI.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 165
Total Occupancy: 87.2 %
Average MH Lot Rent: $360
Size: 68.2 acre(s)

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

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