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$ 375,000
Est. payment /mo
Active
1723 S Van Dyke Road Bad Axe, MI 48413
3,840 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 3,840 sqft
Price per Sqft $97
Subdivision Mi
MLS Listing ID 60996824
Annual Tax Amount $8,918
Lot Size 23.450 Acres
Acres 23.45
Lot Dimensions 700 x400
Property Sub-Type Commercial/Industrial
Property Description
Bad Axe 27 mobile homes total, including the site manager's home. $300,000 Below Appraised Value |27-Unit Residential Income Portfolio | Offered at $375.000, This stabilized residential income portfolio comprises 27 single-mobile home residences on 23 AC properties. Running at 80% occupancy under continuous professional management, the portfolio generates $4000 in gross monthly rents - $4800 annually. At a standard 30% expense ratio, estimated NOI lands at approximately $30000, placing this offering at an 8.0% cap rate on the ask price not including the vacancy. To put that in perspective: you're buying a sub-9-cap asset for a 10-cap price.
Location
State MI
County Huron
Area Colfax Twp (32006)
Zoning Commercial
Interior
Heating Forced Air
Building
Water Private Well
Structure Type Other
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional
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Listed by Real Estate One-Troy