Mobile Home Park Details

Purchase Method: Assumable Loan
Listing ID: 515089
Posted On: Mar 30, 2015
Updated On: Nov 11, 2015

Description

- Very rare opportunity to acquire a stable, 112-site park with public utilities and no park owned homes or home loans.
- Current rents approximately $40 under market. Based on the asking price and proforma NOI, the estimated year one cash-on-cash return is almost 8.5% and goes up to almost 12.5% after rents are increased to market.
- Opportunity to own a passive investment in a clean, stable community.
- Loan must be assumed with 6.15% interest, 10-year term and 30-year amortization. Loan matures in 2021 at which time a buyer may be able to refinance, increase leverage and boost returns.
- Attractive layout with curvilinear streets, off-street parking and mature trees throughout.
- Roads within the park repaved in 2007 and currently in great condition.
- Approximately 2 hour drive from Chicago, St. Louis, and Indianapolis and only 15 minutes north of Champaign.

Location

- Maplewood Estates is located just five minutes from the Rantoul Amtrak, a national passenger rail system that travels to over 500 destinations in 46 states, offering efficient travel along with the best views of North America.
- Rantoul is home to the Rantoul National Aviation Center, which offers a flight school, aircraft manufacturing base, import/export facility, and other services.
- Rantoul offers entertainment such as the Octave Chanute Aerospace Museum, the Illinois Skydiving Center, Korean War Veterans Museum, and the Rantoul Theater Group.
- The Village of Rantoul features eight beautiful parks with groomed landscaping, perfect for family picnics and gathering areas for sports and field activities.
- Rantoul offers nine miles of bike and pedestrian paths throughout the city and has recently added a new 1.9-mile bike trail.
- Major employers in the area include Easton Bell Sports, Jeld-Wen Windows and Doors, ConAir, and Taylor Studios.
- Rantoul is located only 16 miles from the University of Illinois at Urbana-Champaign, rated the number 11 top public school by U.S. News & World Report.

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