Stephen Raleigh
Laingsburg / Lansing, MI (USA)
Role(s):
Founder/Owner/Principal
Sandstone Mgmt, LLC
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Startup
Location:
Laingsburg / Lansing
Industry:
Real Estate
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
Asset is a 105 permanent space mobile home community plus a 65 space RV component surrounding a lake. Asset is free and clear. Acquisition: Feb/2010. Occupancy @ 40%. Cannot expand until capital improvements are completed to wells and treatment plant. MDNRE mandate. Constant demand for affordable housing. Operating Expense is 40% of the CGI. First year CGI: $185,000.00. NOI: $112,000.00. 90 day fire sale: $700,000.00. Require $150,000.00 to complete mandates. Equity and/or debt, first position. Stephen V Raleigh (principal) is a licensed General Contractor and licensed Electrical Contractor, since 1973. All upgrades orchestrated in-house. (URL removed)