Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1254418
  • Posted On: May 11, 2020
  • Updated On: Jul 28, 2020

Property Description

Here is your opportunity to purchase a value-add MHP in a quaint little college town in Western Illinois. Country Living Estates is a mid-sized park located on the outskirts of Macomb, IL. Country Living Estates is licensed for fifty pads and the license is in good standing with the Illinois Department of Health. The park is compromised of 10.13 acres, fifty pads, and one single family residence. The park is zoned 0060-improved commercial, and due to its rural location operates without much impunity from city & county officials. The park currently has nineteen occupied pads. The park has paid renters for eighteen of those pads. One of the pads is provided free of charge to a US veteran who manages the park for the out of area owners. The park has five homes that are owned by the park, all five are in really good condition as they were either purchased and/or rehabbed by the owner during the past three years. The park is currently charging $260 per month for pad rental. The park owned homes are renting for $500, $600, & $700 currently. The last pad rental increase was back in December of 2017 when rent was raised from $225 per month. The park is on city water. Each pad has both electric & gas meters billed directly to the tenant. The park is currently paying the water for all of the tenants in the park as it has not been sub-metered at this time. The park utilizes a two stage lagoon system for its sewer system. The park was originally a single stage lagoon system; however the sellers converted the system into a dual system with assistance from the Illinois Department of Health and EPA. The lagoon system is in compliance with the state and has passed all of its testing requirements since being implemented. The park's underground pipe composition is presently unknown by the sellers. The road is gravel and has been well maintained (It has some current potholes from the recent spring thaw). The tenants are required to mow their own space. Outside vendors are utilized for snow removal as needed. There are not any abandoned or older trailers that need to be removed from the park. Presently one tenant is behind in rent. All of the homes in the park have skirting. Due diligence terms to be no longer than thirty days with closing no more than fourteen days following expiration of due diligence period. The sellers worked hard during the four years they owned the park to make capital improvements. This park is probably an ideal candidate for a home program of some sort to quickly infill the remaining pads available to maximize rental income going forward. Sadly the park owner passed away recently before he was able to complete the entire park makeover, thus the reason why this property is now on the market.

Location

Macomb is a city in and the county seat of McDonough
County, Illinois. It is located in western Illinois, southwest of
Galesburg. Macomb is about 75 miles southwest of Peoria
and 77 miles south of the Quad Cities. The population at the
2010 census was 19,288. Macomb is also the home of
Western Illinois University. WIU has 4,868 full-time students
who attend college on campus in Macomb, plus a largenumber
of part-time students who take fewer than fifteen
hours per semester.
The largest employer in Macomb is Western Illinois
University. The university employs approximately 2,000
employees according to the City of Macomb website. NTN
Bower Corporation is another large employer. NTN is a
manufacturer or roller bearings. Pella Corporation is a large
manufacturer of windows and they also call Macomb home.
Whalen Manufacturing is another factory located in Macomb
that hires a large number of residents. Finally the
McDonough District Hospital is another large employer for
both Macomb and McDonough County.

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Park Information

Number of MH Lots: 50
Total Occupancy: 37.0 %
Year Built: 1970
Average MH Lot Rent: $260
Size: 10 acre(s)

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