Oak Forest Mobile Home Park
Listing was updated at: 09/10/2019
Property Overview
Price/Rent PSF $ 2,970,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 105
Date Available 09/10/2019
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Description

Location
The City of Battle Creek is a beautiful, diverse and dynamic community. Rich in history and tradition, this city known as "Cereal City" was first discovered by surveyors in 1827. Located in Michigan, in northwest Calhoun County, at the confluence of the Kalamazoo and Battle Creek rivers. It is the principal city of the Battle Creek, Michigan Metropolitan Statistical Area (MSA), which encompasses all of Calhoun County. As of the 2010 census, the city had a total population of 52,347, while the MSA's population was 136,146. Calhoun County comprises the Battle Creek, MI Metropolitan Statistical Area and is included in the Kalamazoo-Battle Creek-Portage, MI Combined Statistical Area. According to the City's 2011 Comprehensive Annual Financial Report, the largest employers in the city are: (Employer, #of employees) Kellogg (2,500), Kraft Foods (2,500), Denso, Hart-Dole-Inouye Federal Center, Battle Creek VA Medical Center, and the Michigan Air National Guard. Battle Creek has branch campus for two of the state universities, Western Michigan and Central Michigan University. The median household income is $36,800; the median home value, $81,100. The area has an 5.1% unemployment rate.


Sale
Beautiful 3-star park next to a forest preserve, minutes from shopping, major area employers, and schools. Park includes a few duplex/quadplex apartment units and an office building. There is a great up side with filling vacant sites. Local programs to help finance new homes are readily available and there are no rent control measures. Owner has owned Oak Forest for many years and is selling so that they might be more strategic with their overall MHP portfolio. The management, oversight, and maintenance has been, and continues to be, excellent. The collections strong and residents have been screened. The new owner is getting a good property with no collection or resident problems. There are ten park owned homes (9-occupied, 1-vacant). There is $277,000 in effective gross lot rent collected (annually), this does not include income from home rentals or sales. Streets are in average condition and are asphalt. City Water and City Sewer, which is submetered and billed back to residents. Tenant owned homes are mostly older single sections.

Location