Contact Information

Mobile Home Park Details

  • Price: $5,907,007
  • Purchase Method: Cash
  • Cap Rate: 7.8%
  • Property ID: 1394572
  • Posted On: Feb 17, 2021
  • Updated On: Feb 17, 2021

Property Description

Mobile Home Park For Sale Perfect 1031 Exchange.Mount Morris Mobile Home Park is a great opportunity to add a lot of value in several different ways! The park is nestled on 78 beautiful acres and comprised of 391 spacious, green lots. Mount Morris MHP currently has 115 occupied homes with approx. 175 vacant homes ready for light rehab and the remaining lots are vacant for new homes to be brought in. We rent units instantly when rehabbed. This park is currently offered at a 7.77% CAP and a potential of doubling to over 15% CAP by just simply lightly rehabbing the vacant homes. Also, the current monthly lot rent is between $405-$437/lot which is approx. $100 below market rents ($140k/yr potential additional income). Then of course Phase 2 value-add option is bringing in additional homes for the vacant lots. This park is located in beautiful Genesee County. Genesee City water source has always been clean and safe and has never been associated with the Flint water crisis. There is a lot of value that can be added for the low price of ONLY $15k/lot! Mount Morris City website has these wonderful things to say about this area, "We offer a family oriented, safe and quiet community, friendly neighbors, clean streets and great public service. We are close to I-75 and I-475 which provide easy excess to shopping, entertainment, and a good reason to make Mt. Morris your home. We are close to Birch Run and Frankenmuth, all within 15 minutes. Detroit and Lansing are only 1 hour away."

https://www.loopnet.com/Listing/2198-E-Mount-Morris-Rd-Mount-Morris-MI/22239513/

Location

https://www.loopnet.com/Listing/2198-E-Mount-Morris-Rd-Mount-Morris-MI/22239513/

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Park Information

Community Type: All Age
Number of MH Lots: 391
Total Occupancy: 25.0 %
Year Built: 1970
Average MH Lot Rent: $490
Size: 78 acre(s)

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

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