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Jacqueline Sawchik

Marcus & Millichap - McClellan & Baskin

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105 SITES | PUBLIC W/S | MICHIGAN

Multi Family Housing for Sale in Ypsilanti, Michigan

Ypsilanti, MI
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Mobile Home Park for Sale

Number of MH Lots: 105
Size: 7.5 acre(s)
Cap Rate: 10.0%
Status: Sold
Property ID: 685546
Posted on: Jul 08, 2016
Updated on: Nov 20, 2017

Property Description

Marcus & Millichap is pleased to present a 92 site MHC plus one Single Family Residence, licensed for 105 sites, located in Ypsilanti, MI known as Elmcrest Mobile Home Park. Elmcrest has undergone some significant improvements including, but not limited to the addition of 22 homes ($330,000), upgraded 19 Electrical Pedestals ($10,965), Remodeled and Updated the Home at 1322 Ridge Road ($7,943), Installed a new fence around the lift station ($2,800), Removed 20 Abandoned Homes ($20,000), Installed 37 New Home Foundations ($30,227) and Installed a New Lift Station ($19,100). The community is on public water and sewer that is sub-metered. There are currently 28 occupied POH and 4 vacant POH.

The community is being offered at a Real Estate Price of $1,550,000 and Home Price of $206,000 totaling $1,756,000. At the real estate price, a new owner can expect a cap rate of 10.00% at only $16,848 per site.

Park Information

Number of MH Lots:105
Total Occupancy:59.8%
Year Built:1960
Average MH Lot Rent: $352
Size:7.5 acre(s)

Financial Information

Gross Income$397,236
Operating Expense$136,489
Net Operating Income$155,038
Expense Ratio 34.4%
Debt Info

Lot Information

Singlewide Lots:105

Utility Information

Water:City
Sewer:City