Mobile Home Park Details
- Cap Rate: 9.0%
- Listing ID: 69074
- Posted On: Apr 26, 2011
- Updated On: Apr 30, 2012
Description
Windmill Pointe Village is an all-age manufactured housing community located in Kentwood, Michigan. The community consists of 334 spaces situated on 35 acres. Windmill Pointe Village was built in the 1970s and is serviced by public utilities that are billed directly to the tenants. There are 16 park-owned homes, including 13 lease-to-own homes and three vacant homes being marketed for sale. The park-owned homes are available for sale, but not included in the purchase price. Also included in the purchase price are two three-bedroom, site-built rental homes. An additional two three-bedroom, site-built rental home is available for sale, but not included in the purchase price.
Location
CB Richard Ellis, Inc., as the exclusive marketing broker, is pleased to offer Windmill Pointe Village and Kent City MHC for sale. The two communities are offered for sale together as a portfolio, but also can be purchased individually.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 334 |
| Total Occupancy: | 67.1 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $306 |
| Size: | 35 acre(s) |
Financial Information (Actual)
| Gross Income: | $1,136,123 |
| Operating Expense: | $717,515 |
| Net Operating Income: | $418,608 |
| Expense Ratio: | 63.2 % |
Lot Information
| Singlewide Lots: | 334 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
