Listed by Newmark - Austin
Unpriced
MI | OH MHC Portfolio
Details
APN Multiple, Multiple, 12-13-28-401-012
Property Type Mobile Home Park
Sub Type All-ages
Units 225
NOI $658,906
Occupancy 67.11%
Tenancy Multi
Pro-Forma NOI $726,170
Year Built 1958
Buildings 3
Acreage 13.030
Zoning B-3 and R-3, R-1, R-4 and R-1-C
Investment Type Value Add
Occupancy Date 05/01/2026
Mobile Home Park
Marketing description
The MI | OH MHC Portfolio provides an attractive opportunity to acquire a value add portfolio of three communities on public utilities, totaling 225 sites in strong Midwestern markets with two in Michigan and one in Ohio.
Investment highlights
- The portfolio is currently only 67% physically and economically occupied (151 of 225 sites) and there are no park owned homes. Current ownership has not been actively purchasing homes to increase occupancy so there is a tremendous opportunity for a new buyer to execute an infill strategy.
- Increasing occupancy by 10% (or 23 sites) would add approximately $160,000 in annual site rental revenue and bringing the portfolio to a stabilized occupancy of 95% (an additional 63 sites) would add over $440,000.
- These properties are cross-collateralized with existing non-recourse CMBS debt, which is assumable (please see page three for the Assumable Loan Overview). However, these loans also may be prepaid allowing a buyer to increase leverage with a new loan.
- All three communities are well-located in major Midwestern MSAs. Pelham and Woodview are approximately 30 minutes of each other in Metro Detroit, which is in the Detroit-Warren-Dearborn MSA, hosting a population of approximately 4.4 million people and the 14th-largest MSA in the U.S. Creekwood sits within the Cincinnati MSA, with population of approximately 2.3 million people.
- Within a 10-mile radius of each community, the demographics are strong with average household incomes across the portfolio of approximately $93,000 and average home values are approximately $275,000. At these income and home value levels, there is typically demand from qualified home buyers seeking affordable housing and an ability to continue pushing lot rents over time.
- Current ownership has invested significant capital into the properties, spending nearly $100,000 since 2022 on community improvements and landscaping upgrades. Notable projects included approximately $31,400 at Pelham for the removal of 14 trees and general site cleanup, along with an additional $62,000 for the removal of 31 trees across the portfolio.
Listing Contacts
Listed by Newmark - Austin
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$658,906.00
$54,908.83/mo
Valuation Metrics
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