Mobile Home as Investment Property - Beautiful Property, Amazing Price
Located on a lake among old growth hardwoods, Sweet Lake was purchased at a CAP rate just below 15% in conjunction with Sturgis Commons. There is also a seasonal RV/Campground section of this property that provides additional cashflow.
The Value Add:
As we stabilized Sweet Lake, we aimed to attract quality residents and promote a sense of community and pride in ownership. Rents were raised to a fair value, vacant lots were filled, and profits were reinvested back into the community. Using our increased NOI and current market CAP rates, this property has experienced annualized value growth of over 80%.
Our property has ample room to expand (30 acres), and the Township has already expressed their support due to our efforts to enhance the reputation and quality of the property. At the moment, we are exploring adding spaces to a vacant parcel of six acres at the front of the property. So it can be considered as good mobile home as investment property.