Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.0%
  • Property ID: 1292919
  • Posted On: Jul 22, 2020
  • Updated On: Aug 20, 2020

Property Description

26 total lots-25 occupied-5 POH
Average lot rents $465 with gross income $128000 for 2019
As of January 1st 2021 all average lot rents go to $518 for gross around $155000. This doesn’t include POH income of $100 per on top of lot rent. The property is 4 acres, 2 of which are located on Silver Lake, a private lake in South Lyon with many homes over a $1M. South Lyon as a whole has average home values around $300000 and is only a short ride to Ann Arbor. The park has ten homes lakefront and we put in 5 docks in the summer that residents tie up boats to. We currently don’t charge anything for boats or lake use. The park is serviced by 2 alternating wells as well as 2 alternating septics. 2019 total expenses were about 50% but included a $13000 renovation of one POH. 2020 shaping up to be more like 40% with a $11000 renovation on another home. The other POHs are in good shape and that expense will be significantly less moving forward. Park has an on-site manager that makes ownership extremely easy. Upside in filling vacant lot, decreasing expenses, increasing rents, charging for lake access..


South Lyon MI. Just outside Ann Arbor. Great demographics


  • Laundromat
  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 26
Total Occupancy: 96.0 %
Year Built: 1950
Average MH Lot Rent: $465
Size: 4 acre(s)

Financial Information (Actual)

Gross Income $135,000
Operating Expense $54,000
Net Operating Income $81,000
Expense Ratio 40.0 %
Debt Info

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $550

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