https://estersonmhcteam.​com/property/bel-air-estates

Please contact the listing agent, Vasili Arvanitidis, for more information
vasili.​arvanitidis@marcusmiilichap.​com (425) 223-5949

Located in Norton Shores MI, Bel Air Estates MHC is located 1 mile from the Muskegon Shores of Lake Michigan, and near the Muskegon Golf Country Club.​ The park is situated conveniently with all neighborhood amenities and services close by.​
The community has 116 mobile home lots, 85 tenant owned homes at $350 lot rent.​ Current occupancy is 73% offering a significant value-add opportunity.​ Market occupancy is around 95% and local rents are at or above $400.​ Bel Air Estates MHC is an established park, with some lots able to fit a park model home.​ Tenants are long standing with many family and retired couples.​ Strong collections history and easy to manage, with no significant “tenant issues”.​ The current owners live out of state, demonstrating its ease of operation.​

Bel Air Estates MHC is on public utilities, sub-metered and billed back; the tenants are also charged for rubbish services.​ The park’s electric services are billed directly to the tenant.​

The park is priced at $4,250,000.​ The pricing represents a day one cap rate of 5.95% using current lot rent income only on normalized actuals using a 35.9% expense ratio.​ This community qualifies for conventional recourse bank financing using a 65% LTV, 5% interest and a 30-year amortization with a 18 Interest Only period.​ This provides investors with 7.7% cash on cash return in year 1 and then achieving a 16.5% cash on cash return when upside is completed.​ Pro-Forma value of the park is $6,523,798.​ We are asking that investors submit offers at or above $4,250,000.​