Log In/Sign Up
Your email has been sent.
MI/OH MHC Portfolio 3 Properties in Multiple Locations
Investment Highlights
- Value-add manufactured housing portfolio totaling 225 sites across three all-ages communities in Ohio and Michigan.
- No park-owned homes across the portfolio, reducing maintenance and capital expenditure requirements.
- Located within the Cincinnati and Detroit metropolitan areas, providing access to major employment centers and population bases.
- Current 67% occupancy creates a significant opportunity to increase revenue through site infill and lease-up.
- All communities feature public utility service with tenant-billed water, sewer, electric, and gas systems.
- Existing assumable non-recourse CMBS financing may offer acquisition flexibility for qualified buyers.
Executive Summary
The MI | OH MHC Portfolio provides an attractive opportunity to acquire a value
add portfolio of three communities on public utilities, totaling 225 sites in strong
Midwestern markets with two in Michigan and one in Ohio.
– The portfolio is currently only 67% physically and economically occupied (151 of 225 sites) and there are no park owned homes. Current
ownership has not been actively purchasing homes to increase occupancy so there is a tremendous opportunity for a new buyer to execute
an infill strategy.
– Increasing occupancy by 10% (or 23 sites) would add approximately $160,000 in annual site rental revenue and bringing the portfolio to a
stabilized occupancy of 95% (an additional 63 sites) would add over $440,000.
– These properties are cross-collateralized with existing non-recourse CMBS debt, which is assumable (please see page three for the
Assumable Loan Overview). However, these loans also may be prepaid allowing a buyer to increase leverage with a new loan.
– All three communities are well-located in major Midwestern MSAs. Pelham and Woodview are approximately 30 minutes of each other in
Metro Detroit, which is in the Detroit-Warren-Dearborn MSA, hosting a population of approximately 4.4 million people and the 14th-largest
MSA in the U.S. Creekwood sits within the Cincinnati MSA, with population of approximately 2.3 million people.
– Within a 10-mile radius of each community, the demographics are strong with average household incomes across the portfolio of
approximately $93,000 and average home values are approximately $275,000. At these income and home value levels, there is typically
demand from qualified home buyers seeking affordable housing and an ability to continue pushing lot rents over time.
– Current ownership has invested significant capital into the properties, spending nearly $100,000 since 2022 on community improvements
and landscaping upgrades. Notable projects included approximately $31,400 at Pelham for the removal of 14 trees and general site cleanup,
along with an additional $62,000 for the removal of 31 trees across the portfolio.
add portfolio of three communities on public utilities, totaling 225 sites in strong
Midwestern markets with two in Michigan and one in Ohio.
– The portfolio is currently only 67% physically and economically occupied (151 of 225 sites) and there are no park owned homes. Current
ownership has not been actively purchasing homes to increase occupancy so there is a tremendous opportunity for a new buyer to execute
an infill strategy.
– Increasing occupancy by 10% (or 23 sites) would add approximately $160,000 in annual site rental revenue and bringing the portfolio to a
stabilized occupancy of 95% (an additional 63 sites) would add over $440,000.
– These properties are cross-collateralized with existing non-recourse CMBS debt, which is assumable (please see page three for the
Assumable Loan Overview). However, these loans also may be prepaid allowing a buyer to increase leverage with a new loan.
– All three communities are well-located in major Midwestern MSAs. Pelham and Woodview are approximately 30 minutes of each other in
Metro Detroit, which is in the Detroit-Warren-Dearborn MSA, hosting a population of approximately 4.4 million people and the 14th-largest
MSA in the U.S. Creekwood sits within the Cincinnati MSA, with population of approximately 2.3 million people.
– Within a 10-mile radius of each community, the demographics are strong with average household incomes across the portfolio of
approximately $93,000 and average home values are approximately $275,000. At these income and home value levels, there is typically
demand from qualified home buyers seeking affordable housing and an ability to continue pushing lot rents over time.
– Current ownership has invested significant capital into the properties, spending nearly $100,000 since 2022 on community improvements
and landscaping upgrades. Notable projects included approximately $31,400 at Pelham for the removal of 14 trees and general site cleanup,
along with an additional $62,000 for the removal of 31 trees across the portfolio.
Property Facts
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 6,377 SF |
| Number of Properties | 3 | Total Land Area | 12.35 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 6,377 SF |
| Total Land Area | 12.35 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Pelham Mobile Home Park
4128 Pelham Rd, Dearborn Heights, MI 48125 |
Multifamily | 1,057 SF | 2002 | - |
|
Woodview Mobile Village
6988 Ready Ave, Warren, MI 48091 |
Specialty | 1,000 SF | 1950 | - |
|
Creekwood Village
3350 Hamilton Middletown Rd, Middletown, OH 45044 |
Multifamily | 4,320 SF | 1958 | - |
1 1
1 of 12
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
