Coming soon! Contact Glenn Esterson for more information.

The Esterson MHC Team is pleased to present First Point MHC, a 50-unit and 100% occupied, entirely tenant owned home community that is stabilized with significant upside, located in Traverse City, MI.

Located in Grand Traverse County in the heart of Northern Michigan, Traverse City serves as the economic, cultural, and recreational hub of the region. The four-county Traverse City MSA (Benzie, Grand Traverse, Kalkaska, and Leelanau counties) had a total population of approximately 157,000 in 2024 and has been the fastest-growing MSA in Michigan over the past decade, adding roughly 8,000 people (5.6%) since 2014 — far outpacing the statewide growth rate of 1.7%. Grand Traverse County’s population is approximately 96,961, with a median household income of $79,486. Traverse City benefits from a diversified employment base anchored by healthcare (Munson Medical Center), tourism, agriculture, education (Northwestern Michigan College), and a growing technology and remote-worker sector attracted by the area’s exceptional quality of life.

This park is 50 total manufactured housing units consisting of 50 tenant owned homes(TOH) on approximately 10.56 acres. The average lot rent is $490/month, with projected mark-to-market lot rents of $750/month. The community also generates approximately $63/unit/month in utility revenue. There are no park-owned homes, no RTO contracts, no RV lots, and no SFH units — 100% TOH community with zero vacancy.

First Point MHC is serviced by private well water (tenant pays, billed back) and a private septic system (tenant pays, billed back). Trash is curbside and direct-billed to tenants. Electric, gas/propane, and cable are all tenant-paid via direct bill. The landlord is responsible for mowing common areas and snow plowing. The septic system is currently undergoing an active replacement project with EPA oversight and will be completed before closing, leaving an investor with a brand new system. The community is on approximately 10.56 acres. The park is NOT in a flood zone or an opportunity zone.

First Point MHC is being offered at a purchase price of $3,300,000, reflecting an estimated 7.1% cap rate on in-place operations (P&L 1). The mark-to-market (P&L 3) projects approximately $312,032 NOI at a 9.5% cap rate on purchase price, reflecting stabilized market rents of $750/lot. Non-recourse debt has been estimated at a loan size of $2,145,000 (65% LTV) at 6.00% interest with a 30-year amortization, resulting in annual debt service of approximately $154,324 and cash-to-close of $1,155,000. P&L 1 DSCR is 1.51x with 6.8% cash-on-cash return. All offers should include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant real estate experience.

Broker Info:

Paul Kerber– Marcus & Millichap
Two Towne Square, Ste. 450, Southfield, MI 48076
Lic #: 6502433613
(248) 415-2600