EDGEWOOD MHC

WHITEHALL, MICHIGAN

7415 Whitehall Road, Whitehall, MI 49461

Listed By:

Jonathon McClellan

(216) 264-2023

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Kyle Baskin

(216) 264-2059

​

Steve Chaben

Broker of Record - Detroit

(248) 415-2600

License 9502387903

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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

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Investment Highlights

• Opportunity to Acquire 53 Sites Located in Whitehall, Michigan
   

• All Age Community
   

• Conveniently Located Near a Walmart Supercenter
   

• Opportunity to Continue Filling the Community to Increase NOI
   

• 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.