Contact Information

Mobile Home Park Details

  • Price: $790,000
  • Cap Rate: 7.6%
  • Property ID: 1347192
  • Posted On: Oct 27, 2020
  • Updated On: Dec 7, 2020

Property Description


Please contact the listing agent Dylan Hellberg for more information
dylan.​hellberg@marcusmillichap.​com (843) 469-0347

Courtside Plaza consists of 24 MH Lots, 21 self-storage units (SS), 12 garage storage units (GS), 3 large garage storage units (LGS), a retail space occupied by an auto shop, and a pump station secured by a ground lease.​ In the MHP, there are 19 tenant owned homes (TOH) and 5 vacant lots.​ In the SS building, there are 11 rented units - all 7 large units rented - and 10 vacant units.​ In the 3 GS buildings, there are 4 rented units and 8 vacant units.​ In the LGS building, all 3 units are vacant.​

The lot rent in the MHP averages $387.​ The SS rent is $250-$275/month for a large unit and $50/month for a small unit.​ The GS rent is $60/Month.​ The auto shop’s rent is $750/month.​ The LGS units are approximately the same size as the large SS units, so an investor can market these for rent in the $200-$300 range.​ The pumping station’s rent is $1,350/month.​

The ground lease on the pumping station expires 12/31/2024 and has four, 1-year options to renew with a $100/month rental increase at each option.​ All buildings/units on the property are serviced by public water/ sewer.​ For the pumping station ground lease, the tenant pays all related expenses except for real estate taxes; for the autobody shop, the tenant is responsible for liability insurance, electrical and gas and the landlord is responsible for all other expenses; and for the self-storage buildings, the landlord is responsible for all expenses.​ All leases for the SS, GS, LGS and auto shop are month-to-month.​ Electricity is billed directly to all tenants in the MHP.​ The roads are paved and in below average condition.​ This property is NOT in an opportunity zone or flood zone.​

The pricing represents a 7.12% cap rate using rental income on actuals using a 56.38% expense ratio.​ We are asking investors to submit offers at or above $860,000.​ Our underwriting suggests that once the property is 100% occupied and at market rents, an investor can exit the property at a 7.5% cap rate for $1,571,000.​


Well located in the city limits of Kankakee, IL.

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Park Information

Number of MH Lots: 24
Size: 16 acre(s)

Financial Information (Actual)

Net Operating Income $35,276
Debt Info

Utility Information

Water: City
Sewer: City

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