20785 SCHULTES AVE Warren MI 48091

Colliers Manufactured Housing & RV Group presents the opportunity to acquire Continental MHC, an 9% occupied, 265-site community located in a peaceful and shaded setting minutes from downtown Detroit, Michigan spanning 19 acres. The community represents an infill opportunity in a well occupied market with strong rents at an asking price below replacement cost.

The asking price for the community is $4,250,000 ($16,038/site)

Seller financing offered to strong sponsor at competitive terms.

For more information please contact a member of the MHRV Group at: +1 (386) 345 2963

Join email list and provide investment criteria: https://lnkd.in/g9xC5k-a

Colliers Manufactured Housing & RV Group Linkedin Page:
https://www.linkedin.com/company/35565066

Other opportunities:
https://www.crexi.com/profile/mike-nissley-mikeni

MH Park Groups:
https://www.facebook.com/groups/1971542136217030
https://www.linkedin.com/groups/12180353

RV Park Groups:
https://www.facebook.com/groups/2040575082699586
https://www.linkedin.com/groups/12180303

• Opportunity to purchase a community with low occupancy which is located in a high population MSA with ~95% market occupancy and perform a value-add infill strategy to stabilize the communities.

• Based on approximate $2.0 million in capital improvements, not including the cost of homes, which are assumed to be sold to tenants at cost, the property is underwritten to stabilized to a 16.3% yield on cost at current rents and 25.2% yield on cost at market rents of $620+.

• Continental’s rents are currently over 20% below market (~$620). There is an opportunity to increase rents by more than $165 and execute the lease up of 241sites/homes.

• Located in major metros in the Central Michigan area. The Greater Detroit MSA boasts over 4.2 million residents and is home to numerous Fortune 500 companies such as General Motors Ford Motor Company and Quicken Loans.