Small MHP with +++ value add opportunity for sale in southeast Michigan - owner financing available!


#1

Hi,

We are selling one of our MHP’s in Southeast Michigan because we have a few bigger MHPs under contract that we’d like to move on.

This MHP has 29 lots; 28 lots and 1 stick built home.

The park currently has 15 tenants; 14 tenant-owned mobile homes + 1 tenant in the stick built home. No POH.

The park has a new onsite manager who is supervised by a professional management company.

It’s a nice park; it sits on 27 acres of land; only 5 acres are currently used thus ++ potential to develop. It’s situated in a nice college town. Closest Walmart is 7 miles away. Tractor, back blade, salamander and pole barn INCLUDED

The property has water well and septic. Well is only approx. 3 years old. Both water pumps (primary and secondary) and 3 bladder tanks were changed in 2017. Septic tank was emptied and inspected less than a year ago -it’s in good condition. The park has been well maintained. The water lines will eventually need to be changed but could be done slowly.

Asking price: $255,000.00
Gross income: $4000/month or $48,000.00/year

Expenses:
Annual taxes: $2485.67
Power Bill (for water pumps and park lights): $6,000 ($500/month)
Trash Removal: $2,700 ($225/month)
Insurance: $2,357/year
Property management (8% of collected rents): $3,840 for off-site professional management (in place);Onsite manager currently in place who lives lot free

NOI: approx. $30,000.00

CAP RATE: 12% AS-IS

Proforma gross annual income: $114,420.00
PROFORMA NET OPERATING INCOME (NOI): $85,000 (approx.)
Proforma Value: $944,444.00 (calculated at a 9% CAP)

This park has tremendous upside value. Manager gets phone calls from people wanting to move into the park often but we have not had time to bring in new mobile homes. Lot rent is between $275-325/month (still slightly under market rent); but a 2 bedroom in town is approx. $800.00/month. People have expressed the need for affordable housing. You shouldn’t have a problem finding tenants if you bring more homes.

The price is negotiable. We are ready to move. Make us an offer!
Owner financing possible.

DO NOT VISIT THE PARK WITHOUT AUTHORIZATION! THIS IS AN OFF-MARKET DEAL.

If you want more information, we have an executive summary prepared with some pictures and due diligence items. Feel free to email us at: info@wemindji-properties.com

Thanks!


#2

Hello I have a few questions on your park. Please advise or call me. My name is Mark my phone number is 541-366-0106
Question 's

  1. How many lots is the site zoned for?
  2. If zoned for 29 can the 27 acres be developed ?
  3. What is the total amount of lots that can be developed and rezoned?
  4. Why do you have different prices on the lot rents?
  5. The other items that are included in the sale. Can you go into depth of what they are and do they work example year make model etc.
  6. Do you have long term tennants?, Rent roll?, Lease agreement’s?
  7. Depending on the information that I get back from you on the park. You said you would be interested in owner financing. Based on my do diligence and getting as much information as possible from you. If this park fits into me purchasing it. I would be willing to make full offer on the park. With 100% owner financing. Amortorized over 30 years to be paid off in 10 years with a reasonable interest back to you. Are you interested in this or a possible negotiation?

Please get back to me as soon as possible. I look forward to speaking with you.

Respectfully Mark


#3

Hi Mark,

A member of my team has replied to you by email and have forwarded the executive summary for your viewing. It contains a lot of information, including dd.

Thank you,
Janie


#4

I’m interested. Gerry31358@yahoo.com

Please send more info and a contact person we can talk to.

Thanks, Gerry


#5

Can you contact me with info including the location? My email is ditzhazyshelly57@gmail.com.


#6

I’d also be interested in taking a look if still available. Currently have park under contract just outside Anne Arbor so if you could include location for reference...silverlakemhc@gmail.com.

Thank you,
Justin


#7

Is this still available? I’m in Southern Michigan (Hillsdale) and always looking for parks in my area.

Thanks,
Mark


#8

Hi Mark,

Send me an email at jgrenier@wemindji-properties.com
I’ll send you an executive summary with some due diligence items.

Talk soon,
Janie


#9

Email sent with executive summary and some due diligence items. Address will be included.

Cheers,

Janie
jgrenier@wemindji-properties.com


#10

Hi Shelly,

Has someone from my team ever get back to you? Sorry for the tardive response. I have been away for a little while.

Cheers,
Janie


#11

Hi Gerry,

Has someone from my team ever get back to you? Sorry for the tardive response. I have been away for a little while.

Cheers,
Janie
jgrenier@wemindji-properties.com