Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.4%
  • Listing ID: 1908088
  • Posted On: Oct 13, 2022
  • Updated On: Apr 18, 2023


Marcus & Millichap is pleased to present Golden Pond Estates located in Three Rivers Michigan. This 42 site park is spread across 16.71 acres. The park was constructed 1970. The roads are in great shape throughout the community as they have been repaved
throughout. Tenants enjoy off street private parking. Forty-one of the forty-two sites are occupied with single wide homes. All but five homes in the community are tenant owned. The park owned homes remaining are all post 2017 homes. Gas and electricity are
separately metered and paid for directly by tenants. Water and sewer is on private well and septic both well and septic systems were installed in 2017. A sanitary survey was recently completed through EGLE and is good for three years. Ownership has a reasonable quote to implement water/sewer metering to pass along expense to tenants. There is a portion of the property that can be developed into self or outdoor storage. There
is an onsite manager currently in place at the community as well as an hourly grounds man. We invite you today to look at this stabilized recession proof asset in South West Michigan.

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Park Information

Community Type: All Age
Number of MH Lots: 42
Total Occupancy: 97.6 %
Year Built: 1970
Average MH Lot Rent: $370
Size: 17 acre(s)

Financial Information (Pro Forma)

Gross Income: $203,955
Operating Expense: $52,477
Net Operating Income: $151,478
Expense Ratio: 25.7 %
Debt Info: Conventional Debt on Deal

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: $459

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