7415 Whitehall Road, Whitehall, MI 49461
Broker of Record - Detroit
AVERAGE SITE RENT
2018 ANNUALIZED NOI
PRO FORMA NOI
REAL ESTATE PRICE
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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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.