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Lacey MHP Portfolio

Michigan

Property overview

City of Saginaw Saginaw is a small city with unique attractions, including a French-style castle, originally built as a post office and now home to the local historical society. The city also has its own island park sitting in the middle of the Saginaw River, a popular destination for picnics and fireworks. City of Clio The City of Clio encompasses an area approximating 1 square mile located in northern Genesee County along the I-75 corridor 17 miles north of the City of Flint and 23 miles south of the City of Saginaw. Both Frankenmuth and Birch Run, north of Clio, are among the largest tourist destinations in the state. Over 3 million people each year visit the Birch Run Outlet Mall, Bronner’s Christmas Store in Frankenmuth, and the Frankenmuth attractions.

MHRE Inc. is pleased to offer the Lacey MHP portfolio. The portfolio consists of 3 mobile home parks located between Saginaw and Clio, along US Route 23. The current owner has implemented a home rehab program over the past 3 years, that has been successful in driving occupancy and NOI. An investor has the opportunity to continue the renovation program and further drive NOI and occupancy to a stabilized rate.

Lacey MHP Portfolio

Michigan

For detailed information on this property please contact: Christopher Nortley (586) 884-8416.

Property Summary

Total Sites169
Land (Acres) +48.8
Occupancy68.6%
PRIMARY USEFamily
PROPERTY TYPEMHP
STAR CLASSIFICATION2

OFFERING SUMMARY

Community Price1,950,000
Total Investment1,950,000
Price per Site11,538
Price Occupied per Site16,810
Cap Rate - Year 1 (With Reserves)10.52%