Contact Information

Mobile Home Park Details

  • Price: $1,150,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.0%
  • Property ID: 1292919
  • Posted On: Jul 22, 2020
  • Updated On: Aug 12, 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..

Location

South Lyon MI. Just outside Ann Arbor. Great demographics

Amenities

  • 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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