Opportunity to develop a proposed
152-site new manufactured home
community on approximately
37 acres of land located in
Fort Wayne, Indiana.
– Potential development plan on page 1.
– Property is already zoned MHP (Manufactured Home
Park) so no rezoning is required. Public sanitary sewer
and water lines are nearby, and the owner believes
they can be connected from the adjacent community
(Woodlake Estates) or from the closest intersection.
– The property includes an attractive pond on the west
side of the property (built by the previous owner) that
can be used as an amenity for the future tenants.
– There is a tremendous demand for affordable housing
in this market. Excluding a nearby community that is
performing below market, the average occupancy rate
for all age manufactured home communities is 91%
with strong adjusted lot rents of $378 (see rent comps
on page 4). The average household income is $112,337
within a 3-mile radius of the property while home
values average in the $268,734 range.