Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 7.5%
- Listing ID: 2288653
- Posted On: Mar 28, 2023
- Updated On: Jun 21, 2023
Description
For more information go to www.wiselycr.com
Guernsey Lake Video: https://youtu.be/kzvI5lqaipM
Offering Memorandum Link: https://www.crexi.com/properties/1084288/michigan-guernsey-lake-estates?offeringMemorandum=download
Wisely Commercial Realty is pleased to offer for sale Guernsey Lake Estates located in Delton, Michigan. This is a rare opportunity to acquire 41 lakefront mobile home sites on Guernsey Lake. The owner has done a great job improving the property over the past few years and is ready for the next owner to complete maximizing the potential the property offers. The property is serviced by well Water and City Sewer. The owner has brought in 19 new homes to the community. The property also includes six potential lakefront development lots and 3 acres to the South where you can potentially buildout 22 more sites.
OFFERING SUMMARY
Community & Homes: $2,350,000
Development Land: $400,000
Total Price: $2,750,000
IN-Place NOI: $177,010
IN-Place Cap Rate: 7.53%
MHC Sites: 41
Occupied Sites : 29
MH Occupancy: 71%
Park Owned Homes : 21
Sewer: Public
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 41 |
| Total Occupancy: | 71.0 % |
| Year Built: | 19702021 |
| Size: | 9 acre(s) |
Financial Information (Actual)
| Gross Income: | $251,500 |
| Operating Expense: | $74,490 |
| Net Operating Income: | $177,010 |
| Expense Ratio: | 29.6 % |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | City |
