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 Houghton County

 Ontonagon County

 Baraga County

 Keweenaw County

 Iron County

 Gogebic County

TBD 10.6 AC US 2 Highway

Crystal Falls, MI 49920

$549,900

MLS# 50194846

LISTING STATUS

Active

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Are you looking to invest in something with existing stabilized cashflow that has the infrastructure in place to be able to expand with the right dreams and right ideas? Currently priced at an attractive 11.49% cap rate this quiet almost 11 acre mobile home park with 5 park owned homes (POH) of varying years and 4 tenant owned homes (TOH) is setup for success and ease of operation for the new owners. With the ability to expand to upwards of 25+ total rentable lots this place has it all for the dreamer and developer. While being quiet, it also includes a 350' width of some of the only commercially zoned land on US 2 in the township. The commercial property has not been developed by the current owners, but the possibilities are endless! The park has seen several updates throughout the last few years including major water line repairs & electrical updates. The park is supplied by township utilities including trash pickup, water & sewer. DTE provides natural gas and all units are individually metered. Water meter is split, but all units have individual shutoffs for service. There are currently 4 lots ready for homes to be placed, providing additional income with very little effort. There are a total of 13 rentable lots as the park is currently equipped. The POH homes either are affixed to the property or include titles with the sale. Model years are 2x 2024, 2x 1990s, 1x 1970s. All of the older mobile homes have seen total rehabs in the last 2-3 years. Including new floors, new insulation, new drywall, new paint, new roof(s), new windows the list goes on and on! All park owned homes have existing leases in place. All tenant owned homes are either under lease or month to month. Rent roll provided only to pre-approved buyers. Average lot rent $300. There is also a 20x30 garage with power located in the southern middle of the property to be able to store all maintenance items on site for ease of use. With the possibility of on-site management as well as maintenance this makes a great investment for either the savvy remote entrepreneur, or the first time investor! *Beds/Baths are total of park owned homes **Square feet is estimate of park owned homes. Listing agent is an owner and operator of this property. They are licensed in the state of Michigan.

Location

SCHOOL DISTRICT

COUNTY

Iron

WATERFRONT

No

PROPERTY TAX AREA

Crystal Falls Twp (36005)

ROAD ACCESS

Gravel, Private Road, Private no association

BUSINESS TYPE

Mobile Home Park, Mobile Home Park

TOTAL BUILDING SQ FT

5250.00

ACRES (APPROX.)

10.60

LOT DIMENSIONS

350x1320

YEAR BUILT (APPROX.)

ZONING

Multi-Family, Commercial

Utilities

HEATING

Natural Gas:

UTILITES

Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected, Internet Fiber Available

AIR CONDITIONING

None

SEWER

Public Sanitary

WATER

Public Water

Building & Construction

EXTERIOR CONSTRUCTION

Other

FOUNDATION

Piller/Post/Pier, Slab

EXTERIOR FEATURES

Security Lighting

COMMERCIAL FEATURES

110 Volt Power, 220 Volt Power, Internet Available, Electric Available, Gas Available, Living Quarters, Living Quarters Detached, Occupied, Outbuilding(s), Outside Storage, Underground Utilities

PARKING

21+ Spaces

 

Listing Details

LISTING OFFICE

Re/max North Country

LISTING AGENT

Duncan, Kyle

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