Investment Overview

Marcus & Millichap is pleased to present Carriage Manor located in Flint Michigan. The 42 lot community off of South Dort Highway sits on a small footprint parcel nestled between corporate named commercial properties. At the front of the property is a 1900 square foot auto repair shop currently leased. The community is licensed for 53 lots, however a portion of the property is currently being leased as outdoor storage. In addition to the storage lot there is apartment space above the on site office that could also be converted to an apartment unit. The site mix consists of four tenant owned homes, four homes sold on rent to own contracts, sixteen park owned homes, three demo homes, ten vacant lots, and five undeveloped lots. Utilities are all public and water, sewer, and electricity are billed back to tenants. Tenants pay for all utilities at the community. Given the right circumstances the sellers are open to a creative deal structure. In place now is a professional manager whom has deep roots in the Flint MSA. The manager would be open to staying involved with the property. Ownership is currently in the process of renovating and leasing six homes, with another five homes on site that can be renovated providing low hanging upside. The community location provides accessibility to interstates, public transportation, and a plethora of employers given its commercial surroundings and proximity to I-69. We invite you today to look at this longstanding community with upside potential.