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Mobile Home Park Details

  • Price: $2,250,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 0.0%
  • Listing ID: 3351146
  • Posted On: Jul 11, 2023
  • Updated On: Oct 30, 2023

Description

We have TWO COMMUNITIES in South West Michigan that we are looking to sell as a portfolio. We will not entertain offers for individual communities.

The numbers listed here are aggregate of both communities. Please contact us for individual community performance.

THE FIRST PROPERTY ---Hillside Acres, resides in a rural setting in Hillsdale County on over 30 Acres of land. The City of Hillsdale is five minutes away making it convenient for shopping and work commutes. The majority of the sites have single wide mobile homes with a few of the sites featuring double wide mobile homes. There are also eight park-owned homes. At present, there are six vacant sites. All homes are occupied. Plans also exist for an extensive 34-site expansion (not currently licensed for this). If expansion isn’t desired, there is an opportunity to split the parcels and sell them off in a market where vacant land is in high demand.

The current owner of this property recently began billing back tenants for water and sewer use, which runs on a private well system and is currently in compliance with and regulated by EGLE. Lot rents have been increased slightly to reflect the current market rents more accurately. Sewage service is a community wide septic system with a lift station and two drain fields. The system has recently been cleaned, inspected, and found in compliance and functioning properly. LP Gas is supplied by the community and is individually metered to each lot. Electrical service is supplied by Consumers Energy.

There is an additional 5 acres, partially wooded area that can accommodate a number of optional development choices. There is a large three-bay garage and workshop that is currently being rented by a tenant for personal use. There also exists a former laundry & storm shelter that can be converted to storage and/or office use if desired.

THE SECOND COMMUNITY ------ Washburn Lake Village Mobile Home Community located at 59502 Long Lake Road, Colon, Michigan 49040. This property consists of 30 occupied sites and 13 vacant sites. The majority of the sites have single wide mobile homes with a few sites featuring double wide mobile homes. There are also four park-owned homes. New ownership has the option to convert the well building into a park office or on-site storage if desired. There is also a post frame building on site that is currently partially rented to a tenant for storage. A large indoor area is still available for an additional storage rental(s) or maintenance storage.
The current owner of this property recently began billing back tenants for water and sewer use, which runs on a private well system and is currently in compliance with and regulated by EGLE. Communities are PRIMED FOR AN ADDITIONAL $50 lot increase in the near future. Lot rents have been increased slightly to reflect the current market rents more accurately. Sewage service is a community wide septic system with a lift station and two drain fields. The system has recently been cleaned, inspected, and found in compliance and functioning properly. Natural Gas is supplied by Michigan Gas and is individually metered to each tenant. Electrical service is supplied by Consumers Energy and is individually metered to each lot.

There is a wooded area that can accommodate an additional 8 sites (not currently licensed for the additional sites). Site plans can be provided.

Contact us today for further details.

Location

Rural feel, yet close to big cities with lots of employment opportunities.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 86
Total Occupancy: 78.0 %
Year Built: 1981
Average MH Lot Rent: $350
Size: 52 acre(s)

Financial Information (Actual)

Gross Income: $416,986
Operating Expense: $233,624
Net Operating Income: $283,362
Expense Ratio: 56.0 %

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: Well
Water Paid By: Tenant - RUBs
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 12
Average Rent for Park-owned Homes: $950

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