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Mobile Home Park Details

  • Price: $1,400,000
  • Property ID: 1101386
  • Posted on Jul 2, 2019

Property Description

• Maple Knoll is an all-age, 50-site manufactured home community positioned on approximately 16 acres of land located just off Interstate 69 in Charlotte, Michigan. The community sits only 20 minutes from Lansing (117,000 population), 35 minutes from Battle Creek (51,300 population), and less than an hour from Kalamazoo (75,900 population).
• Opportunity to purchase a stabilized, cash flowing asset serviced by public sewer and private well water. There is the opportunity to connect to city water, however, the two wells are reportedly working just fine with no DEQ violations.
• There is some room for rent growth and approximately 5 vacant lots that can be filled. The two other parks in Charlotte are at $400 lot rent and tenants pay all utilities. Mobile home parks in the area are all highly occupied demonstrating the tremendous demand for affordable housing in this market.
• The offering includes 32 park-owned homes, of which 24 are occupied as lease to own homes averaging $200 for the home rent portion. Current owner has had no problems finding qualified tenants once they have a home available.
• The site has several acres of vacant land that a new owner may be able to develop additional sites on.
• The community features off-street parking, on-site management, spacious lots, picnic area with a playground, and a basketball hoop. Property infrastructure (roads and utilities) appears to be in good shape.
• Within a five-mile radius of the community, the 2018 average household income is $66,900 and average home values are $173,400. The 2018 population is 19,480 within the same five-mile radius.

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Park Information

Community Type: All Age
Number of MH Lots: 50
Year Built: 1960
Average MH Lot Rent: $334
Size: 16.1 acre(s)

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