EDGEWOOD MHC
WHITEHALL, MICHIGAN
7415 Whitehall Road, Whitehall, MI 49461
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Listed By:
Jonathon McClellan
(216) 264-2023
Kyle Baskin
(216) 264-2059
Steve Chaben
Broker of Record - Detroit
(248) 415-2600
License 9502387903
Property Highlights
SITES
OCCUPANCY
AVERAGE SITE RENT
LOT SIZE
2017 NOI
2018 ANNUALIZED NOI
PRO FORMA NOI
CAP RATE
REAL ESTATE PRICE
53
59%
$350
9.39 Acres
$91,278
$105,629
$120,286
7.52%
$1,600,000
Investment Highlights
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Opportunity to Acquire 53 Sites Located in Whitehall, Michigan
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All Age Community
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Conveniently Located Near a Walmart Supercenter
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Opportunity to Continue Filling the Community to Increase NOI
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Very Few Occupied Park Owned Homes
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Property Overview
Marcus & Millichap is pleased to present the opportunity to acquire a 53 site manufactured housing community located in Whitehall, Michigan. Edgewood MHC is an all-age community situated on 9.39 acres. The community has well water and a septic field.
Current occupancy is 59%, however, Seller has ordered 10 new Legacy Homes to be set in the community to boost occupancy to 77%. If the Legacy
Homes are not sold or rented by closing seller will guarantee lot rent for up to 12 months or until occupied. Seller expects Buyer to reimburse
Seller at closing for cost of homes if not occupied. With a proforma occupancy at 77%, a new investor can implement an aggressive sales program to substantially increase occupancy. The community historically has very low deliquency and virtually no turn over.
Edgewood MHC has multiple entrances, three on Benston Road and one on Whitehall Road providing convenient access to the Walmart Supercenter
located 2 miles away. The town of Whitehall overlooks Lake Michigan and is a few miles from Michigan Adventure.
At the current asking price of $1,600,000, a new investor can expect a 7.52% Year 1 cap rate.