Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1132104
  • Posted On: Sep 10, 2019
  • Updated On: Jan 29, 2020

Property Description

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Beautiful 3-star park next to a forest preserve, minutes from shopping, major area employers, and schools. Park includes a few duplex/quadplex apartment units and an office building. There is a great up side with filling vacant sites. Local programs to help finance new homes are readily available and there are no rent control measures. Owner has owned Oak Forest for many years and is selling so that they might be more strategic with their overall MHP portfolio. The management, oversight, and maintenance has been, and continues to be, excellent. The collections strong and residents have been screened. The new owner is getting a good property with no collection or resident problems. There are ten park owned homes (9-occupied, 1-vacant). There is $277,000 in effective gross lot rent collected (annually), this does not include income from home rentals or sales. Streets are in average condition and are asphalt. City Water and City Sewer, which is submetered and billed back to residents. Tenant owned homes are mostly older single sections.

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Park Information

Community Type: All Age
Number of MH Lots: 105
Total Occupancy: 79.0 %
Year Built: 1960
Average MH Lot Rent: $340
Size: 18 acre(s)

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 10

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