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Capstone is pleased to present the Confidential Farmington Hills, MI MHP. This offering features 231 sites and is advantageously located in the Farmington Hills suburb of Michigan, which is just 30 minutes from Detroit. This community currently operates at an 84% economic occupancy and features below-market lot rents; thus, creating a significant value-add opportunity. Additionally, a new owner could focus on filling the vacant park-owned homes, as opposed to investing capital to purchase new homes to rent or sell. By leasing up the remaining 28 vacant homes at the current rents, the effective rental income could increase by over $110,000. Recently, current ownership has invested substantial capital into cleaning up and elevating the property. This includes $200,000 spent in repaving the roads in 2022, the rehab of older units, and the purchase of some newer units. With these key highlights, this community holds promise for attractive returns and long-term growth. This offering presents investors with the opportunity to gain scaled entry into the Detroit MSA and benefit from the enormous upside opportunities.
Scaled Entry Into Detroit MSA By Acquiring 231 Sites
Below-Market Lot Rents Allowing for Immediate Rental Upside
Recent Capital Improvements Including Road Repaving & Home Renovations
Substantial Upside Through Leasing Up Vacant
Public Water & Sewer Utilities with Opportunity to Bill-Back to Residents