VALLEY MEADOWS
FLINT TOWNSHIP, MICHIGAN
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4152 Corunna Road, Flint Township, MI 48532
Property Highlights
SITES
OCCUPANCY
AVERAGE SITE RENT
LOT SIZE
2017 NOI
T-12 NOI (Jul'17-Jun'18)
PRO FORMA NOI
CAP RATE
REAL ESTATE PRICE
HOMES PRICE
OFFERING PRICE
84
73%
$409
9.39 Acres
$123.997
$124.641
$166,075
9.50%
$1,750,000
$350,000
$2,100,000
Investment Highlights
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Opportunity to Acquire 84 Sites Located in Michigan
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Public Water and Sewer that is Sub-metered
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Population Greater than 400,000 Within a 15 Mile Radius
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Average Market Rents
Request Property Information
Listed By:
Jonathon McClellan
(216) 264-2023
Kyle Baskin
(216) 264-2059
Michael DiCillo
(216) 264-2034
Steve Chaben
Broker of Record - Detroit
License: 6502387903
Property Overview
Marcus & Millichap is pleased to present the opportunity to acquire a manufactured housing community located in Flint Township, Michigan. Valley Meadows is an all age community situated on approximately 9 acres. The community conisists of 84 sites with public water and sewer that is sub-metered.
Valley Meadows located at 4152 Corunna Road, Flint Township, MI has an average rent of $400 per month. With a 73 percent occupancy rate, a new investor can benefit from stabilized inplace income with the opportunity to implement an aggressive home sales or rental program. The community provides its tenants with an ideal location near Home Depot, Walmart and Sams Club, as well as other shopping centers and restaurants.
The community is being offered for a total price of $2,100,000 with $1,750,000 allocated to the real estate and $350,000 allocated to the park owned homes. At the current asking price on the real estate, a new investor can assume a 9.50% Year 1 Cap Rate.