5600 W KILGORE AVE Muncie IN 47304-4778

Casita Gardens represents a unique opportunity for an experienced manufactured housing operator to acquire a property in the greater metro-Indianapolis market with significant value add upside.​ Located in Muncie, Indiana, part of Delaware County, the property totals 100 MH sites serviced by city water and sewer.​ All utilities, including water, sewer, electric, and trash, are direct billed by the utility provider.​ Positioned near Ball State University, the revitalized downtown district, and major local employers/shopping centers, the community draws consistent demand from both long-term residents and newcomers to the area.​

The property presents significant upside for a well-capitalized buyer, as the current occupancy is 48%.​ Of the occupied sites, over half (23 sites) are TOH with the remaining being POH rentals or LPOs.​ Average lot rent is $504 per month with comparable communities in the surrounding market averaging $516.​ The buyer is positioned with the opportunity to infill the community with new homes and drive occupancy as the greater submarket is well-occupied.​

• ​100 MH sites - Muncie, Indiana (Delaware County)
• ​Proximate to Ball State University, the White River walking path and Northwest Plaza Shopping Center
• ​City utilities - all utilities are direct billed (W/S/T/E)
• ​48% occupancy - tremendous opportunity to infill new homes to drive occupancy and improve the community
• ​$504 per month average lot rent - greater submarket averaging $516

PRICE REDUCED FROM $2,937,500 to $2,750,000.

Property Overview

Wisely Commercial Realty is pleased to offer for sale Emerald III located in Muncie, Indiana. Emerald III is situated on approximately 19.2 acres of relatively flat topography. Located to the southwest of downtown Muncie, the community has fantastic exposure from Route 32 (Kilgore Ave) and is surrounded by a residential neighborhood and a vacant industrial site to the south, vacant land to the east, small businesses to the west and wooded land to the north.

Emerald III has a total of 102 home sites, 100 MH Spaces and 2 Apartment Units. The property has city water that is direct billed to the residents and city sewer. Opportunity for a Buyer to bring in new homes and fill the vacant sites.

Offering Summary

Price Now: $2,750,000

Community In-Place NOI: $102,498

Cap Rate: 6.0%

MH Spaces: 100

Apartment Units: 2

Number of Spaces: 102

Occupancy: 33% (34)

AVG Lot Rent: $320

Land Size: 19.2 Acres

Community In-Fill Opportunity

Direct Billed City Water to Residents & City Sewer

Located is the Highly sought-after Yorktown School District

For registration requirements and regulations, please review here or contact Jake Fleming | 949-401-9557 | [email protected].

Emerald III is situated on approximately 19.2 acres of relatively flat topography. Located to the southwest of downtown Muncie, the community has fantastic exposure from Route 32 (Kilgore Ave) and is surrounded by a residential neighborhood and a vacant industrial site to the south, vacant land to the east, small businesses to the west and wooded land to the north. Emerald III has a total of 102 home sites, 100 MH Spaces and 2 Apartment Units. The property has city water that is direct billed to the residents and city sewer. Opportunity for a Buyer to bring in new homes and fill the vacant site.

Community Video: https://youtu.be/__o9rN7h1ww

· Non-Contingent

· Earnest Money Deposit is 10% of the Winning Bid Amount

· Transaction Fee: 5% of the Winning Bid Amount, $20,000 minimum

· $10,000 Participation Deposit Required

5600 W Kilgore Ave, Muncie, IN

• Affordable Housing Option
• Community In-Fill Opportunity
• Direct Billed City Water to Residents & City Sewer
• Located in the Highly Sought-after Yorktown School District