Mobile Home Park Details

  • Listing ID: 12877
  • Posted On: Jun 2, 2010
  • Updated On: Oct 19, 2010

Description

Property Description:
Value Family Properties - Hilltop is a manufactured home community in Grand Rapids, Michigan. Grand Rapids is located in Western Michigan approximately 160 miles West of Detroit and only 20 miles east of Lake Michigan. Several major highways are located in Grand Rapids, such as Interstate 96, the main arterial East/West Interstate within Michigan.

VFP - Hilltop has a total of 110 usable spaces, of which 102 are occupied. The remaining 8 lots throughout the park are made up of 8 abandoned homes. We are currently in the process of obtaining title to all of these abandoned homes. Filling these 8 abandoned homes with tenants at the current average lot rent of $275 will increase the annualized park NOI by $26,400. All homes within the park are owned privately by the tenants

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Park Information

Number of MH Lots: 110
Total Occupancy: 92.0 %

Financial Information

Net Operating Income: $234,306

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