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Address is 1142 Lansing Street Adrian, MI 49221

Jacqueline Sawchik

Marcus & Millichap - McClellan & Baskin

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Kings Court | Call for Price

Multi Family Housing for Sale in Adrian, Michigan

1142 Lansing Street
Adrian, MI 49221

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Sale Price: Call for Price
 

Contact Information

Jacqueline Sawchik
Marcus & Millichap - McClellan & Baskin

Mobile Home Park for Sale

Number of MH Lots: 115
Size: 0 acre(s)
Status: Active
Property ID: 706397
Posted on: Sep 19, 2016
Updated on: Jan 20, 2017
Price: Call for Price

Property Description

Marcus & Millichap is please to present a 115 Site MHC located in Adrian, MI known as Kings Court Mobile Home Park. Kings Court is currently 20 percent occupied as the owner has been absentee since they took over management, as this was a part of a larger portfolio. Over the past 18 months, occupancy has only fluctuated by only 2 percent. The community is on public water and sewer that is sub-metered. There are seven occupied POH and 20 vacant POH that will be a part of the sale that may be priced seperately (See Park Owned Home Inventory page).

In 2004-2005, the city forced the seller to separate the sewer/storm lines. At that point the seller had to pull up all of the roads, replaced all of the sewer and storm lines, but never repaved the roads once the utility line project was complete as the recession came. In 1998, the previous owner had replaced all of the water lines.

Kings Court is being marketed as Unpriced, and offers will be reviewed as they are submitted.

Park Information

Number of MH Lots:115
Total Occupancy:20.0%
Average MH Lot Rent: $333
Size:0.0 acre(s)

Financial Information

Gross Income$119,695
Operating Expense$119,078
Net Operating Income$617
Expense Ratio 99.5%
Debt Info

Lot Information

Singlewide Lots:95

Utility Information

Water:City
Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes:27