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Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1694709
  • Posted On: Jun 20, 2022
  • Updated On: Jun 20, 2022

Property Description

https://estersonmhcteam.com/property/genesee-forest-mhp

Please contact Parker Kelly for more information parker.kelly@marcusmillichap.com

The Esterson MHC Team is pleased to present Genesee Forest Estates, a manufactured housing community value-add investment with 252 lots. This asset has multiple upside opportunities including occupancy upside, rent growth and home sales.

The community is situated in Flint, MI, just an hour from the center of Detroit. This location provides residents with a great place to live, raise a family and also find employment. The Flint MSA has over 400,000 people living there, while the Detroit MSA has a population of over 4 million. The community sits just 5 minutes from the old GMC factory that as of recent, is being purchased by one of the largest privately-held real estate investment companies in the United States. They plan to redevelop this 350- acre site that sits in the heart of the city. This is extremely exciting for residents and investors in this market as it will create over 3,000 new jobs.

The community has 251 approved MH lots with an additional stick built house as the 252nd site. There are 46 lots currently rented, 27 vacant POH and 178 lots are vacant. All of the 178 vacant lots are nearly home ready. The lot rent only tenants currently pay an average lot rental rate of $400 per month, which is below the current market rent estimated at $500 based on rent comparable surveys and JLT report. The overall market can support substantially higher lot rents based on limited affordable housing supply and growing demand in this market because of new job creation. The Park is not affected by a flood zone and is not in an opportunity zone.

The community is serviced by public water and sewer and the tenants are billed back from the park based on their usage. The tenants are also billed back for their electricity based on usage, and billed back for trash. All systems are in good working order and the current owner has spent hundreds of thousands of dollars on capex projects pertaining to the parks aesthetics and infrastructure. There are 27 park owned homes that need to be renovated and filled. The roads are paved and in average condition, but a portion of the roads have just been repaved by the owner.

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Park Information

Number of MH Lots: 252
Total Occupancy: 80.0 %
Size: 23 acre(s)

Financial Information (Actual)

Gross Income $333,084
Operating Expense $199,930
Net Operating Income $133,154
Expense Ratio 60.0 %
Debt Info

Utility Information

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

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