Investment Overview

Marcus & Millichap is pleased to present Carriage Manor located in Flint Michigan. The 40 lot community off of South Dort Highway sits on a small footprint parcel nestled between commercial properties. The park is licensed for 53 homes, but a portion of the property has been converted to outdoor storage currently being rented for $750 monthly. In addition to the storage lot there is one recently renovated apartment unit currently being occupied by the manager, and a garage rented for $1050 monthly. The lot mix in the park consists of four privately owned homes, seven homes sold on contract to tenants, ten park owned homes, five vacant homes with varying renovation costs, and fourteen vacant lots. Utilities are all public, and third party billing is used for water and electric. Tenants pay for all utilities at the community. The current owner has been reinvesting most profits into the community since taking over ownership. Current ownership has been selling many of the homes to tenants rent to own contract sales. There is no shortage of inquiries for rentals and home ownership according to the current operator. We invite you to look at this mobile home community well positioned for income growth.