Genesee Forest Estates 1806 E Webster Rd

***Update*** The seller will consider holding back $800,000 amortized over 20-years at 4% interest with a 3-year balloon.
Genesee Forest Estates is a value-add mobile home park located in Flint, MI. The park currently has 252 lots (251 pads + SFR that currently is the park office). This park offers tremendous value-add opportunities with the coveted trifecta of park infill, increasing market rental rates, and future home sales.
Genesee Forest Estates has 251 approved MH lots. Of the 251 pads there are currently 46 pads rented, 27 vacant POH, and 178 vacant pads. The vast majority of the 178 vacant pads are able to accommodate new trailers with little to no deferred maintenance on those pads. The current pad rental rate is approximately $400/month. Market rent in this area is around the $500/month range, with some neighboring communities capturing over $630/month. The ability to get to $500/month in pad rental rate after stabilization should be easily achievable.
Genesee Forest Estates is on PUBLIC WATER & PUBLIC SEWER! The current owners recently introduced water meters to back-bill tenants on water usage. These meters will make a tremendous improvement on the overall NOI of the property. The electricity for the park is billed to one common meter. The park is currently billing each pad $91/month for electricity. The park is also charging each pad $9/month for garbage, and $3/month for site tax (this is how Genesee County handles mobile homes instead of individual property taxes like many jurisdictions).
The water, sewer, and electric infrastructure in the park are all considered to be in good working condition. The roads are in "average" condition. The current owner recently repaved a small portion of the property. The owner has spent hundreds of thousands of dollars on the park by removing abandoned trailers, removing debris, and general capex contributions. As I mentioned earlier, there are currently 27 vacant POH awaiting renovations which could increase park revenue in excess of $162,000/year once they are online.
Within the past several years the park has had the following capex items completed: $82,000 repaving of roads in front portion of the property, $207,500 to remove 83 trailers, $8,000 for water leak detection, $30,000 to repair water leaks, $40,000 electrical fixes/upgrades, & $55,000 in new skirting & renovations of park owned homes.
Genesee Forest Estates is 3.3 miles from the former Buick City site. In April of 2022, Ashley Capital went under contract to purchase 350 acres of this site to build a new automotive production site. It is anticipated that this factory alone will bring in approximately 3,000 new jobs which would greatly affect the demand for affordable housing in the community. Prior to GMC closing Buick City, this MHP was 100% occupied with a waiting list. The current owner is hopeful that after the new factory is up and running that this park will once again be in high demand.
MR. LANDMAN, LLC is a licensed real estate firm in the State of Michigan under LIC#6505432382. Jonathon Fisher (Jon) is a licensed associate broker in the State of Michigan under LIC#6502432213.
Flint is the largest city and seat of Genesee County, Michigan. Located along the Flint River, 66 miles northwest of Detroit, it is a principal city within the region known as Mid Michigan. At the 2020 census, Flint had a population of 81,252, making it the twelfth largest city in Michigan. The Flint metropolitan area is located entirely within Genesee County. It is the fourth largest metropolitan area in Michigan with a population of 406,892 in 2020.
Flint, the birthplace of General Motors, employs more than 8,000 GM employees and today rolls out some the company’s most profitable products. Small businesses in Flint & Genesee are driving innovations for tomorrow. Entrepreneurs are turning ideas into reality. And with three major medical centers, headquarters to McLaren Health Care and Michigan State University College of Human Medicine, Flint & Genesee is home to some of the industry’s most skilled doctors and health care professionals.
Here is a list of the largest employers in Genesee County, MI:
•Ascension (5,000-9,999 employees)
•GM (5,000-9,999 employees)
•Hurley Medical Center (1,000-4,999 employees)
•McLaren (1,000-4,999 employees)
•Diplomat Pharmacy, Inc. (1,000-4,999 employees)
•Genesee County Recycling (1,000-4,999 employees)
•USPS (500-999 employees)
•University of Michigan-Flint (500-999 employees)
•Meijer (500-999 employees)
•Children's Protective Services (500-999 employees)
•911LIFELINE Inc. (500-999 employees)
•Al Serra Auto Plaza (500-999 employees)
•Walmart Supercenter (500-999 employees)
Flint, MI is:
49 miles from Lansing, MI
55 miles from Ann Arbor, MI
60 miles from Detroit, MI
114 miles from Grand Rapids, MI
230 miles from Cleveland, OH
255 miles from Toronto, Canada
280 miles from Chicago, IL
300 miles from Indianapolis, IN