Contact Information

Mobile Home Park Details

  • Price: $1,975,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.5%
  • Property ID: 1919622
  • Posted On: Oct 26, 2022
  • Updated On: Oct 26, 2022

Property Description

For more information visit www.wiselycr.com or click on the following links:

Offering Memorandum Link: https://www.crexi.com/properties/959651/michigan-riverview-mhc?offeringMemorandum=download

Community Video: https://youtu.be/H6KrWhPsHFg

PROPERTY OVERVIEW
Wisely Commercial Realty is pleased to offer for sale Riverview MHC located in Hamilton, Michigan. Riverview is situated on approximately 23 acres of relatively flat topography. Located on the West side of Hamilton, the community is only about 15 minutes Southeast of Holland and about 20 minutes to Lake Michigan. Hamilton is a smaller town that is well maintained. With limited housing options in the area, Riverview has historically maintained high occupancy rates.

Riverview has a total of 62 sites, 49 MH Spaces and 13 Apartment Units. The property has well water that septic for sewer.

INVESTMENT HIGHLIGHTS
• Located in the town of Hamilton, MI. Located only 15 minutes from Holland, MI.
• Large demand for housing in the area
• Clean well-kept Community
• Opportunity to Increase Lot Rents

OFFERING SUMMARY
List Price: $1,975,000
IN-Place NOI: $148,924
Cap Rate: 7.5%
MH Spaces: 49
Apartment Units: 13
Number of Spaces: 62
Occupancy: 94% (58)
AVG Lot Rent: $325
AVG Apartment Rent: $600
Land Size: 23 Acres

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 62
Total Occupancy: 94.0 %
Size: 23 acre(s)

Financial Information (Actual)

Gross Income $253,302
Operating Expense $104,378
Net Operating Income $148,924
Expense Ratio 41.2 %
Debt Info

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Video

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