Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1254416
  • Posted On: May 11, 2020
  • Updated On: May 25, 2020

Property Description

The subject property is a well-planned, ideally-located MHC connected to municipal water. The community has been held by the existing owner for 45+ years and offers the upside typical of long-held communities. The owners have been semi-retired the last 10+ years. With the challenges in the market, a new owner should have a home setup and repair team, but the current owners only have one maintenance man to do basic remodels. There have been no homes setup or brought , or major remodels in many years. The property is connected to municipal water and municipal sewer lines, both of which are sub-metered. Each site has ample off-street parking; additionally, this site features a clubhouse, basketball court, playground, and swimming pool. Ownership engaged a road contractor and is in the process of completely redoing the streets, to be completed this spring.

In addition to the significant room for leasing up, the community’s lot rents, which have not seen an increase since 2015, are at the bottom of the market, currently 20-30% below average. As a result, the community offers an opportunity to raise rents substantially without upsetting the existing tenants. Between the opportunity to bring in new tenants and the wide berth for raising rents, an attentive operator can turn this community into a cash cow and a high-value asset in just a couple years.

The property is ripe for a new investor to inject capital by bringing in new homes, and doing a full lease-up push. This appears to be the perfect storm for a significant value-add!

Please contact James McCaughan at (305) 588-5302 or for more information.


Major MSA in eastern Michigan market.

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Park Information

Community Type: All Age
Number of MH Lots: 400450
Total Occupancy: 40.0 %
Year Built: 1970
Average MH Lot Rent: $330
Size: 70 acre(s)

Financial Information (Actual)

Gross Income $760,000
Operating Expense $590,000
Net Operating Income $170,000
Expense Ratio 77.6 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 45

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