Mobile Home Park Details

  • Purchase Method: Cash
  • Property ID: 1286566
  • Posted On: Jul 10, 2020
  • Updated On: Aug 25, 2020

Property Description

I have never used the word "adorable" in any of my marketing materials for commercial property write-ups since I've been a realtor, however when I first saw this park that was the first thought that popped into my mind. Oakview MHP is an ADORABLE twenty pad MHP in a smaller & predominantly farming community named Altamont, IL, which is approximately twelve miles away from Effingham, IL. This is a textbook example of a "mom and pop" mobile home park. The owners have owned and enjoyed the financials rewards of this park for over 26 years. However they are both now in their 80's and wanting to retire. This one checks a lot of the boxes for beginner & smaller investors! City Water & City Sewer! (CHECK) Predominantly tenant owned homes! (CHECK) Value-add opportunities present! (CHECK) So as I mentioned earlier, this is a 20 pad park. It encompasses 2.46 acres in total. The park is currently 90% occupied. There are 15 TOH's that start with a below market value rent of $145/pad. The park does charge an additional $10/person living in the trailer, so the typical rental rate is in that $155 range. This is at least $50-55 dollars less than the local market can handle in my opinion. Pad rental rates in Effingham in parks that are not as clean as this one are bringing in excess of $220 monthly. There are 3 trailers that are currently being sold on contract. There is one park owned home (2010) that the owner recently received an offer of $15,000 from a nearby trailer sales facility. The owner has decided to include the POH with the MHP in the event the new owner might want to use this as a house for a manager. Seller will help the buyer sell the POH should they desire to go that route as well. The underground pipes in the park has been upgraded and they are all PVC. Each pad has its own electrical & gas meters. At this time the park does not have individual water meters. For the most part the water bills are very economical, but the opportunity to add water meters for back billing purposes exists for the next owner of this property should they desire. The entire park is all located on one road that is owned & maintained by the city of Altamont. Quite the luxury to not have to worry about expensive road maintenance. As a result this is a very low cost MHP that is quite profitable for its size. The park also sells with a very attractive and functional maintenance shed and storage facility. This warehouse was constructed in the early 90's. It has 8 individual storage sheds that can be leased out to residents. Currently 4 of those units are rented. The larger bays could probably be used for your own storage, or if advertised you could probably rent out to a resident of Altamont to store tools & equipment, use as a shop, etc. Due to the smaller size and scope of this park, we are requesting to close within 30 days of going under contract. This one should not require as much due diligence as other properties in this asset class.

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Park Information

Number of MH Lots: 20
Total Occupancy: 90.0 %
Year Built: 1970
Average MH Lot Rent: $155
Size: 3 acre(s)

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