Mobile Home Park

Silver Lake Mobile Home Park

10987 Silver Lake Rd, South Lyon, MI 48178

Listing Price: $1,200,000

Cap Rate
7.88%
Number of Spaces
26
Lot Size
2.74 acres
Occupancy
96.00%
Price/Space
$46,154
Spaces/Acre
9.00
Year Built
1956

Investment Overview

Marcus & Millichap is pleased to present Silver Lake Mobile Home Park located in South Lyon Michigan. This unique investment opportunity is located on the shores of Silver Lake on a 2.74 acre parcel. Across silver lake road is a 1.75 acre parcel that is being sold with this park. The park consists of twenty-six sites all of which are currently occupied. Of the twenty-six occupied sites 12 are lake front lots. Lot rent for the park ranges from $450-$490. As of January 1st 2020 average lot rent is scheduled to be raised to $515. The 5 park owned homes currently pay roughly $100 on top of their lot rent or more depending on the home. The owner recently installed five docks on the property giving tenants private lake access which is not currently being charged for by the owner . The park is serviced by 2 alternating wells and two alternating septic tanks each only receiving half year uses. Electricity and gas are separately metered and paid for by tenants. The park is currently managed by an on site manager that is willing to stay in place if given the opportunity. Collections have remained 100% through out this year with no tenants taking advantage of an eviction moratorium. South Lyon has an average home value of $300,000, many of the homes on Silver Lake have values in excess of $1,000,000 making this a coveted living area. Easy access to the interstate system, as well as a short car ride to down town Ann Arbor give tenants a quiet lake town feel with the conveniences of a larger suburban area nearby.

Investment Highlights

  • Lakefront park
  • Private dock access
  • Easy interstate access
  • Updated infrastructure
  • On site manager

Exclusively Listed By

Mobile Home Park

Silver Lake Mobile Home Park

Listing Price: $1,200,000

Cap Rate
7.88%
Number of Spaces
26
Lot Size
2.74 acres
Occupancy
96.00%
Price/Space
$46,154
Spaces/Acre
9.00
Year Built
1956

Investment Highlights

  • Lakefront park
  • Private dock access
  • Easy interstate access
  • Updated infrastructure
  • On site manager

Investment Overview

Marcus & Millichap is pleased to present Silver Lake Mobile Home Park located in South Lyon Michigan. This unique investment opportunity is located on the shores of Silver Lake on a 2.74 acre parcel. Across silver lake road is a 1.75 acre parcel that is being sold with this park. The park consists of twenty-six sites all of which are currently occupied. Of the twenty-six occupied sites 12 are lake front lots. Lot rent for the park ranges from $450-$490. As of January 1st 2020 average lot rent is scheduled to be raised to $515. The 5 park owned homes currently pay roughly $100 on top of their lot rent or more depending on the home. The owner recently installed five docks on the property giving tenants private lake access which is not currently being charged for by the owner . The park is serviced by 2 alternating wells and two alternating septic tanks each only receiving half year uses. Electricity and gas are separately metered and paid for by tenants. The park is currently managed by an on site manager that is willing to stay in place if given the opportunity. Collections have remained 100% through out this year with no tenants taking advantage of an eviction moratorium. South Lyon has an average home value of $300,000, many of the homes on Silver Lake have values in excess of $1,000,000 making this a coveted living area. Easy access to the interstate system, as well as a short car ride to down town Ann Arbor give tenants a quiet lake town feel with the conveniences of a larger suburban area nearby.

Exclusively Listed By

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