Pleasant Lake Mobile Home Community
11285 East Pleasant Lake Road | Manchester, MI 48158-9439, US
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We are pleased to offer for sale Pleasant Lake MHP, a 24-site manufacture housing community located in Manchester, MI. The community currently consists of 13 occupied park-owned homes, generating an average rent of $1, 105 per month, along with 8 lot renters paying $590 per month. All lots are master-metered for water & sewer and are included in the rent. Electric / natural gas are direct billed to tenants. The investment strategy for this park includes gradually raising rents to market levels, implementing utility bill-backs through a flat-rate fee, and filling the two remaining vacant spaces. The current owner has declined several prospects interested in moving in their own homes, preferring instead to bring in park-owned homes for higher rental income. However, a new owner could readily fill these desirable lakefront properties. The seller is offering favorable financing terms, requiring a $1M down payment and carrying the remaining balance at 5% interest, amortized over 30 years, with a 5-year balloon. The park is within walking distance of Pleasant Lake, providing easy lake access and a strong draw for residents. This stabilized lakefront asset presents a new investor with a 9.45% cash-on-cash return from day one, along with upside potential through rent increases and utility expense recovery, all in an exceptionally desirable location.
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Manchester, Michigan, is a small CITY located in Washtenaw County, about 25 miles southwest of Ann Arbor. With a population of around 2, 000 residents, The town is known for its scenic surroundings, historic downtown, and annual community events. The local economy includes manufacturing, education, and small business, with many residents commuting to larger nearby job centers. The median household income in Manchester is approximately $71, 951, which is above the national average and indicates relative economic stability for the area. Housing remains affordable by Michigan standards. The median home value is around $286, 600, and the average rent for a two-bedroom unit is about $1, 160 per month. Manufactured homes are a practical solution to help expand affordable options for local residents. In summary, Manchester is a scenic, small-town community with strong income levels, affordable housing, and access to regional opportunities—making it an attractive place to live for families, retirees, and commuters alike.