Park for sale in Michigan! 9% CAP! 24% CAP at proforma! Owner financing available!


#1

Name of Park: Kyja Community Mobile Home Estates

Asking Price: $377,000.00

Address: Hillsdale, Michigan

Occupancy:

Total lots: 28 lots + 1 stick-built house
Tenant Owned homes:14
Park Owned homes: 1 (vacant)
Vacant pads: 13

Revenue:

Gross Annual Income: $51,600.00
Municipal Taxes: $2485.67
Water and Sewer: well and septic (both well pumps and all bladder tanks have been changed in 2017)
Power bill: $6,000 ($500/month)
Insurance: $2,357/year
Trash: $2,700 ($225/month)
Insurance: $2,357
Management: 8% ($4,128 for offsite manager, onsite manager currently in place who receives discounted rent)

Average rent: $300-325/month, stick built $435/month

NOI: $33,930.00

CAP RATE : 9%

Owner financing available: purchase price $400,000.00 with 50% down.

If you want more details, send us an email:

wemindji.properties@gmail.com