26 lots just outside Ann Arbor. Park is located on Silver Lake with 10 of the homes right on the lake. Silver Lake is a private lake with many multi-million dollar homes. The park has a beach with 5 docks that residents park boats in summer. Fantastic demographics, with average home prices ~$300k. Falls in Detroit metro with 4 million population but probably closer to Ann Arbor’s only ten minutes or so away. 25 of the 26 lots are occupied with only 5 TOHs. The lake front homes have $490 lot rent and non-lake front lot rent $450. POH add $100 to lot rent with 2019 gross rents just under $130000. Expenses around 50%. Park is on 4 acres and is on 2 alternating wells and 2 alternating septics. Lakefront parks in the area are selling homes ~$75-even 100k with lot rents up to $800. Upside in filling vacant lot, raising rents, sub-metering water, charging for lake/boat use. Asking $1.4M. Feel free to contact with any interest!
I realize this post is 10 months old but I want to follow up, has this MHC sold?
I live exactly in this area & am interested in Michigan for parks.
My email is email@example.com.
My simple math shows this to be a 4.5 cap. I own parks in Michigan and that is pretty rich for a park on well and septic. And in Michigan …
Hey @kevinfennimore…we closed last month…back to the hunt ourselves…good luck out there!