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Mobile Home Park

Saginaw Bay Estates

1760 Saginaw Bay Estates Dr, Essexville, MI 48732

Listing Price: $13,000,000

Cap Rate
4.91%
Number of Spaces
309
Lot Size
79.00 acres
Occupancy
61.0%
Price/Space
$42,071
Spaces/Acre
3.91
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Manufactured Housing Community Portfolio located throughout Michigan, Ohio, Pennsylvania and West Virginia. The portfolio contains a total of 1,225 total sites with below market rents. All of the communities are serviced by public water and public sewer except for (Glen Meadows MHP (private and WWTP) and Angel MHP (WWTP) . The majority of the communities are located in the Pittsburgh MSA, which allows a new investor to benefit from management efficiencies and immediate scale. With a global occupancy of 71 percent and an average rent of approximately $316, a new operator can implement an aggressive sales program to fill the vacant sites while increasing rents at at the current inflation rate. Saginaw Bay (Michigan) is a stand-alone community and can be purchased by itself. The communities located throughout Pennsylvania and Elk River (West Virginia) must be purchased together. Lastly, Ottawa Estates, Continental MHP and Fostoria Estates MHP located in Ohio must be purchased together.

Investment Highlights

  • 13 Manufactured Housing Communities Located Throughout Michigan, Ohio, Pennsylvania and West Virginia
  • All of the Communities are Serviced by Public Water and Sewer Except for Glen Meadows (Private and WWTP) and Angel MHP (WWTP).
  • Aside from Elk River and Saginaw Bay Estates, the Pennsylvania and Ohio Communities, Respectively, are Located Near One Another to Allow for Management Efficiencies
  • Seller Would Prefer to Sell the Entire Portfolio to One Buyer | However, there is an Opportunity to Purchase Sub-portfolios | Pennsylvania and West Virginia as One, and Ohio and Michigan can be Bought Separately
  • The Communities have a Global Occupancy of 71 Percent and an Average Rent of Approximately $316 Allowing a New Investor to Implement an Aggressive Sales Program to Fill the Vacant Sites

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Mobile Home Park

Saginaw Bay Estates

Listing Price: $13,000,000

Cap Rate
4.91%
Number of Spaces
309
Lot Size
79.00 acres
Occupancy
61.0%
Price/Space
$42,071
Spaces/Acre
3.91
Year Built
1980

Investment Highlights

  • 13 Manufactured Housing Communities Located Throughout Michigan, Ohio, Pennsylvania and West Virginia
  • All of the Communities are Serviced by Public Water and Sewer Except for Glen Meadows (Private and WWTP) and Angel MHP (WWTP).
  • Aside from Elk River and Saginaw Bay Estates, the Pennsylvania and Ohio Communities, Respectively, are Located Near One Another to Allow for Management Efficiencies
  • Seller Would Prefer to Sell the Entire Portfolio to One Buyer | However, there is an Opportunity to Purchase Sub-portfolios | Pennsylvania and West Virginia as One, and Ohio and Michigan can be Bought Separately
  • The Communities have a Global Occupancy of 71 Percent and an Average Rent of Approximately $316 Allowing a New Investor to Implement an Aggressive Sales Program to Fill the Vacant Sites

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Manufactured Housing Community Portfolio located throughout Michigan, Ohio, Pennsylvania and West Virginia. The portfolio contains a total of 1,225 total sites with below market rents. All of the communities are serviced by public water and public sewer except for (Glen Meadows MHP (private and WWTP) and Angel MHP (WWTP) . The majority of the communities are located in the Pittsburgh MSA, which allows a new investor to benefit from management efficiencies and immediate scale. With a global occupancy of 71 percent and an average rent of approximately $316, a new operator can implement an aggressive sales program to fill the vacant sites while increasing rents at at the current inflation rate. Saginaw Bay (Michigan) is a stand-alone community and can be purchased by itself. The communities located throughout Pennsylvania and Elk River (West Virginia) must be purchased together. Lastly, Ottawa Estates, Continental MHP and Fostoria Estates MHP located in Ohio must be purchased together.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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