Contact Information

Mobile Home Park Details

  • Price: $2,995,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.7%
  • Property ID: 1256028
  • Posted On: May 14, 2020
  • Updated On: May 14, 2020

Property Description

Rolling Meadows Mobile Home Park is a 102 Site All Age Community located in Mt. Vernon, Illinois. The Park was originally built in 1968 and sits on approximately 48.24 acres. Electric is direct billed. The Sites offer 200 AMP electrical service to pedestal units. Water is provided through a private municipal water district (Dix-Kell Water). Ownership has recently implemented (May 2019) a flat monthly fee for water ($20) and a flat monthly fee for Trash ($10). Sewer service is administered through an EPA compliant waste-water lagoon. There are currently 39 Park Owned Homes, including 19 Homes (approximately 16’ X 80’) that have been recently purchased by current ownership. There are currently no Homes under contract for sale. Recent capital improvements consist of a full renovation of the onsite office building (including interior, new roof and siding) and $40K of road improvements. The most recent rent raise was implemented in August 2017. Rolling Meadows has a large grassy island that encompasses the center of the Park which includes a playground and unique area for families to spend outdoor activities together. The Park has onsite management with camera surveillance. A must see opportunity!

Broker Of Record: JDS Real Estate Services, Inc.

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Park Information

Community Type: All Age
Number of MH Lots: 102
Year Built: 1968
Size: 48 acre(s)

Financial Information (Pro Forma)

Gross Income $458,267
Operating Expense $166,737
Net Operating Income $291,530
Expense Ratio 36.4 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - RUBs
Sewer: Treatment Plant

Park-Owned Homes

Number of Park-owned Homes: 39

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