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Mobile Home Park Details

  • Price: $5,170,000
  • Property ID: 1336164
  • Posted On: Oct 6, 2020
  • Updated On: Oct 6, 2020

Property Description

Sunstone is pleased to announce for sale a portfolio of five all age communities totaling 281 sites located across central and eastern Michigan.
The portfolio includes: Hillsdale MHC- located in Hillsdale- 110 sites operating at 67% occupancy with city water & sewer; Briarwood – located in Alma – 45 sites operating at 85% occupancy with city water & sewer; Breckenridge –located 10 miles east of Brairwood–46 sites operating at 59% occupancy with city water & sewer; Croswell Estates- located in Croswell, 6 miles west of Lexington– 43 sites operating at 63% occupancy with city water & sewer; Lakeview MHC- located in Lexington, and sits on Lake Huron with lakefront access- 38 sites with 90% occupancy and strong demand.
All the assets would benefit from an aggressive rental home program as currently no new home inventory is being offered. Portfolio offer is preferred. At a minimum, the parks located within 10 miles of each must be purchased as a pair.

Park Sale Price: $5,170,000
Home Sale Price: $121,933
Total Sale Price: $5,291,933


Portfolio includes 294 revenue producing units: 281 MHC sites + 7 hotel units + 4 Apt units +2 Single Family Homes
70% Current Occupancy – with 19 lease with option park owned homes included
Breckenridge and Briarwood are located near Alma, MI only 10 miles apart and offer great operational efficiency and scale
Croswell Estates & Lakeview MHC are located in the Croswell/Lexington area only 6 miles apart and offer great operational efficiency and scale
Lakeview has a single family home and hotel/apt units which can provide additional revenue streams
All assets have below market rents, however Hillsdale stands out with significant rent growth and absorption opportunities
Currently all properties are not sub metered and certain assets, like Lakeview, would benefit tremendously given their large utility expenses

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Park Information

Community Type: All Age
Number of MH Lots: 281
Total Occupancy: 70.0 %
Average MH Lot Rent: $332

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