Contact Information

Todd Fletcher


Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1156366
  • Posted On: Nov 14, 2019
  • Updated On: Nov 14, 2019

Property Description

*** OFFERS DUE Dec 18th, 2019 ***

• Rare opportunity to acquire a sizable portfolio of 3 communities with 534 total sites and strong physical and economic occupancy (averaging roughly 95%
and 82%, respectively). All the communities are serviced by public utilities.
• The communities have been owned for 25+ years by the same family who have historically preferred to keep park owned homes as rentals. Demand is strong in these markets, so a new owner could implement a more aggressive approach to increasing occupancy through a mix of rentals, LTO’s, and sales.
• Lot rents across the portfolio are up to $131 lower than the average across comparable family communities from recent JLT reports. Taking rents to market
across the portfolio would add over $420,000 in additional annual revenue for a new owner.
• The offering includes 242 community owned homes, of which 73% are currently occupied either as pure rentals or lease-to-own with an average home rent of $270. With 69 vacant park owned homes, a new owner can quickly increase occupancy through rehab of existing homes. There is also opportunity for a new owner to begin converting home renters to home owners.
• All of the communities are located within one hour of each other and within 50 minutes of the Detroit airport, allowing a new owner to immediately benefit
from economies of scale and gain a strong stable of employees making it extremely time and cost efficient to oversee the portfolio.
• The communities will be delivered free and clear, allowing a new owner to put attractive non-recourse fixed rate debt on the portfolio.
• Within a 10-mile radius of each community, the average household income across the portfolio is $88,000 with average home values at $246,000.

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Park Information

Number of MH Lots: 534

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