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Mobile Home Park

Genesee Forest Estates

1806 E Webster Rd, Flint, MI 48505

Listing Price: Request For Offer

Number of Spaces
252
Lot Size
23.13 acres
Occupancy
80.0%
Spaces/Acre
10.89
Year Built
1990

Investment Overview

We are pleased to present Genesee Forest Estates, a manufactured housing community value add investment with 252 lots. This asset has multiple upside opportunities including occupancy upside, rent growth and home sales. The community is situated in Flint, MI, just an hour rom the center o Detroit. This location provides residents with a great place to live, raise a family and also find employment. The Flint MSA has over 400,000 people living there, while the Detroit MSA has a population o over 4 million. The community sits just 5 minutes from the old GMC factory that as of recent, is being purchased by one of the largest privately-held real estate investment companies in the United States. They plan to redevelop this 350- acre site that sits in the heart o the city. This is extremely exciting or residents and investors in this market as it will create over 3,000 new jobs. The community has 251 approved MH lots with an additional stick built house as the 252nd site. There are 46 lots currently rented, 27 vacant POH and 178 lots are vacant. All o the 178 vacant lots are nearly home ready. The lot rent only tenants currently pay an average lot rental rate o $400 per month, which is below the current market rent estimated at $500 based on rent comparable surveys and JLT report. The overall market can support substantially higher lot rents based on limited adorable housing supply and growing demand in this market because o new job creation. The Park is not affected by a flood zone and is not in an opportunity zone. The community is serviced by public water and sewer and the tenants are billed back rom the park based on their usage. The tenants are also billed back or their electricity based on usage, and billed back or trash. All systems are in good working order and the current owner has spent hundreds of thousands o dollars on capex projects pertaining to the parks aesthetics and infrastructure. There are 27 park owned homes that need to be renovated and filled. The roads are paved and in average condition, but a portion o the roads have just been repaved by the owner.

Investment Highlights

  • Public Utilities Billed Back
  • Huge Upside Potential Through Infill
  • 27 Vacant Homes to Fill for Immediate Upside

Exclusively Listed By

  • Parker Kelly

    Senior Associate

    Email Parker

    License(s): GA: 385444

    Atlanta

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Mobile Home Park

Genesee Forest Estates

Listing Price: Request For Offer

Number of Spaces
252
Lot Size
23.13 acres
Occupancy
80.0%
Spaces/Acre
10.89
Year Built
1990

Investment Highlights

  • Public Utilities Billed Back
  • Huge Upside Potential Through Infill
  • 27 Vacant Homes to Fill for Immediate Upside

Investment Overview

We are pleased to present Genesee Forest Estates, a manufactured housing community value add investment with 252 lots. This asset has multiple upside opportunities including occupancy upside, rent growth and home sales. The community is situated in Flint, MI, just an hour rom the center o Detroit. This location provides residents with a great place to live, raise a family and also find employment. The Flint MSA has over 400,000 people living there, while the Detroit MSA has a population o over 4 million. The community sits just 5 minutes from the old GMC factory that as of recent, is being purchased by one of the largest privately-held real estate investment companies in the United States. They plan to redevelop this 350- acre site that sits in the heart o the city. This is extremely exciting or residents and investors in this market as it will create over 3,000 new jobs. The community has 251 approved MH lots with an additional stick built house as the 252nd site. There are 46 lots currently rented, 27 vacant POH and 178 lots are vacant. All o the 178 vacant lots are nearly home ready. The lot rent only tenants currently pay an average lot rental rate o $400 per month, which is below the current market rent estimated at $500 based on rent comparable surveys and JLT report. The overall market can support substantially higher lot rents based on limited adorable housing supply and growing demand in this market because o new job creation. The Park is not affected by a flood zone and is not in an opportunity zone. The community is serviced by public water and sewer and the tenants are billed back rom the park based on their usage. The tenants are also billed back or their electricity based on usage, and billed back or trash. All systems are in good working order and the current owner has spent hundreds of thousands o dollars on capex projects pertaining to the parks aesthetics and infrastructure. There are 27 park owned homes that need to be renovated and filled. The roads are paved and in average condition, but a portion o the roads have just been repaved by the owner.

Exclusively Listed By

  • Parker Kelly

    Senior Associate

    Email Parker

    License(s): GA: 385444

    Atlanta

  • Glenn D. Esterson

    Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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