1806 Webster Rd Flint, MI 48505-2482

Property Details for 1806 Webster Rd

Lot size

23.13 lot acres

Property size

5,588 SF

Property type

Commercial real estate

APN

47-29-326-010

APU

4729326010

Description

This 252-unit mobile home park in Flint, Michigan, presents a compelling value-add investment opportunity. Situated on a 1,007,107 square foot lot (APN 4729326010), the property boasts 251 pads and one single-family residence currently used as the park office, all under a fee simple ownership. Currently operating at 100% occupancy (as of December 14, 2022), the park generates a Net Operating Income (NOI) of $176,732, with a pro-forma NOI projected at $373,428. The asking price is $2,500,000, translating to $2.48 per square foot and $9,127 per unit. A significant value-add potential exists through market rent increases (currently approximately $400/month, with market rates around $500-$630/month) and the renovation of 27 vacant, park-owned homes. The property features public water and sewer, with recently installed water meters for improved tenant billing. Electricity is billed through a common meter at $91/month per pad, supplemented by $9/month for garbage and $3/month for site tax. Recent capital expenditures include road repaving, trailer removal, water leak repairs, electrical upgrades, and renovations to park-owned homes, totaling hundreds of thousands of dollars. The property is zoned 201 (commercial improved) and benefits from its proximity to a planned automotive production site anticipated to create thousands of jobs, potentially increasing demand for affordable housing. The seller may consider financing options, including holding back $800,000 at 4% interest with a 20-year amortization and a 3-year balloon. This property offers significant upside potential for a savvy investor.

Location Insight

City

Flint

County

Genesee

State

Michigan

Longitude

-83.6672

Latitude

43.0668

CBSA code

22420

CBSA name

FLINT, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments