VALLEY MEADOWS

FLINT TOWNSHIP, MICHIGAN

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

• Opportunity to Acquire 84 Sites Located in Michigan
   

• Public Water and Sewer that is Sub-metered
   

• Population Greater than 400,000 Within a 15 Mile Radius
   

• Average Market Rents

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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.