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Address is 6800 Lydia Boulevard North Branch, MI 48461

Jacqueline Sawchik

Marcus & Millichap - McClellan & Baskin

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JUST LISTED MI MHC | $1,100,000 | 132 SITES

Manufactured Home Community for Sale in North Branch, Michigan

6800 Lydia Boulevard
North Branch, MI 48461

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Sale Price: $1,100,000
 

Contact Information

Jacqueline Sawchik
Marcus & Millichap - McClellan & Baskin

Mobile Home Park for Sale

Number of MH Lots: 132
Size: 27.2 acre(s)
Cap Rate: 8.0%
Status: Active
Property ID: 659227
Posted on: Apr 26, 2016
Updated on: Apr 04, 2017
Price: $1,100,000

Property Description

Marcus & Millichap is pleased to present an opportunity to acquire a high end manufactured housing community located in Michigan. North Branch Meadows consists of 132 total sites with public water and sewer and the utilities are sub-metered. The property offers spacious sites that can accommodate large and luxurious multi-sectional homes spread across a total of 27.2 acres.

North Branch Meadows located at 6800 Lydia Boulevard, North Branch, MI has an average rent of $275.00 per month. With a 48 percent occupancy rate, a new investor can benefit from the ability to continue filling lots with modern sized homes. Tenants have the opportunity to enjoy a basketball court and picnic area. North Branch Meadows provides its tenants with an ideal location near major highways and shopping centers.

Potential Buyers should review the ‘North Branch Consent Judgement.pdf’ that is located on the box.com due diligence link supplied by the Agent. As of late, the seller has begun a program to sell his mortgages to Triad in an effort to work around said Consent which has been successful thus far.

Park Information

Number of MH Lots:132
Total Occupancy:48.0%
Year Built:1995
Average MH Lot Rent: $275
Size:27.2 acre(s)

Financial Information

Gross Income$207,446
Operating Expense$119,541
Net Operating Income$87,904
Expense Ratio 57.6%
Debt Info

Lot Information

Doublewide Lots:132

Utility Information

Water:City
Water Paid By: Tenant - Submetered
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:31