Sunset Mobile Home Park
MHP | 35 Sites | Majority Tenant-Owned Homes | 8.62% Cap Rate
Marketing description
The MHP Value Team is pleased to offer for sale Sunset MHP, a 35-site mobile home community located in Mason, Michigan.
The community includes twenty-six tenant-owned homes with an average lot rent of $491/M, 2 rent-to-own homes paying an average of $509/M lot rent + $430/M home rent, three occupied park-owned homes at $1,000/M, one vacant park-owned home, and three vacant lots equipped with infrastructure ready for infill.
The investment strategy for Sunset involves gradually raising rents to market levels, selling off the remaining park-owned homes, rehabbing and filling the vacant park-owned home, and filling the three vacant spaces.
An investor has the opportunity to acquire an extremely stabilized, well-maintained asset within a metro area of over 500,000, supported by a straightforward value-add plan capable of generating double-digit returns in year one and exceeding a 30% IRR by year five while providing immediate day-one cash flow. The seller requires a closing by September 2nd to meet specific tax planning objectives and will prioritize buyers who can execute within this timeframe.
Investment highlights
- We are valuing the real estate at $1.485M, the RTOs balance at $20K (discount to the $27K balance remaining), and the park owned homes at $120K
- Majority TOH community with collections near 100% and in place management.
- 1 vacant POH in place - can either be salvaged or demo for new home.
- 3 vacant lots with infrastructure ready for infill.
- Located in Lansing-East Lansing Metro area with 541,730 population & ~200k median home value.
- Clean park layout with new asphalt roads & driveways.
- $100 below market rents.
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