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Address is Gladwin, MI 48624-2019

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Key Mobile Home Community SENIOR COMMUNITY

Mobile Home Park for Sale in Gladwin, Michigan

Gladwin, MI 48624-2019
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Mobile Home Park for Sale

Number of MH Lots: 32
Size: 40 acre(s)
Cap Rate: 10.5%
Purchase Method: Cash, New Loan
Status: Sold
Property ID: 72670
Posted on: Jun 18, 2011
Updated on: Mar 14, 2018

Property Description

30 acres some wooded and some property and mobile home sites have lake frontage. This is a beautiful community that is mostly older adults. There are 32 Lots and currently 80% occupied so there is some upside potential. The community is being submetered for water currently so this should add to the bottom line. Manager handles non payment and all maintenance issues.

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Location Description

Gladwin, Michigan

Park Information

Number of MH Lots:32
Total Occupancy:80.0%
Average MH Lot Rent: $235
Size:40.0 acre(s)

Financial Information (Actual)

Gross Income$72,000
Operating Expense$20,000
Net Operating Income$52,000
Expense Ratio 27.8%
Debt Info

Lot Information

Singlewide Lots:32
Doublewide Lots:0
Triplewide Lots:0
Park Model Lots:0

RV Information

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

Utility Information

Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes:6
Average Rent for Park-owned Homes: $350

Amenities and Other

Storage: Yes