Contact Information

Jon Fisher

License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

Mobile Home Park Details

  • Price: $575,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.6%
  • Property ID: 1271941
  • Posted On: Jun 15, 2020
  • Updated On: Jun 18, 2020

Property Description

I'm proud to introduce Town & Country (T & C) mobile home park for your consideration. T & C is located in Rochelle, IL. It is a 30 pad mobile home park that is on city water & city sewer. Currently the park has 21 paying tenants making it 70% occupied. All 21 tenants own their own trailers. The pad rental rate for T & C is $365 per month and it was last raised in December of 2019. So let's talk about T & C. In addition to being on city utilities, this park is close to manufacturing jobs and a large meat packing plant. This park has
been stable as a direct result of its proximity to jobs for the tenants of this park. The current tenants are all paid up and current with their rent. The present tenants predominantly pay with money orders that are mailed out in pre-addressed stamped envelopes provided by the current owner. The park consists of 4.72 acres. T & C is located in a hundred year flood plain, though the owner says it has never been a problem as long as he has owned the park. Owner has previously considered hiring an engineering firm to contest the flood zone status. The roads thru the park are gravel and are considered to be in good condition. Each pad has its own meters for electric, gas, & water. All utility bills are billed directly to the tenants from the supplier. The water pipes are a combination of
plastic & galvanized. The current owner maintains the roads in the park. Tenants are responsible for mowing their own pad. The park owner removes snow as necessary. There are currently no vacant trailers on the premises. There are currently no trailers than need to be removed from the park. None of the trailers are behind in their taxes or rent. All of the trailers have skirting. T & C is an all-age park. This transaction will require cash or financing as the owner is not receptive to any form of owner financing. Due diligence financials will be limited as the owner has multiple investment properties running under the same account for tax purposes. This is a great smaller park for both beginner and experienced mobile home park owners. It is a low cost park that should be easy to manage for the next owner. The park has a manager who gets a reduction in her monthly pad rental. She speaks fluent English and has proven valuable to the current owner in communicating with tenants as needed. She would most likely like to continue on in that position with the next ownership group.
The seller who is in his late 70's has owned this park for 20 years, and is ready to slow down.

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Park Information

Number of MH Lots: 30
Total Occupancy: 70.0 %
Average MH Lot Rent: $365
Size: 5 acre(s)

Financial Information

Gross Income $90,600
Operating Expense $23,500
Net Operating Income $67,100
Expense Ratio 25.9 %
Debt Info

Lot Information

Singlewide Lots: 30
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0
Average Rent for Park-owned Homes: $0

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