Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $1,599,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1376899
  • Posted On: Jan 9, 2021
  • Updated On: Jan 9, 2021

Property Description

Park Meadowland West (PMW) is a 39-pad mobile home
community located NW of Belvidere, IL, approximately ten miles
east of Rockford, IL. The current parcel contains 12.70 acres,
however the seller will survey out the tillable ground to the west
prior to closing. The seller's believe the park was constructed in the
early 1960's. PMW is currently zoned 0011 (Homesite-Dwelling)
and is operating under a special use permit that will transfer to the
new owner. PMW has been at 100% occupancy level for a number
of years now, and 100% of the trailers located on the park are
owned by the tenants. The pad rental rate has been $375 for a
number of years at this point. The seller's recently gave notice to
the tenants that the pad rental rate will be increasing to $400/month starting on December 1st, 2020. This pad rental rate is still about $50/month less than the current market rate.
PMW is located in a rural area outside of Belvidere. As a result, the
park is on private utilities (well & septic). Due to the rural location
the community operates with little impunity from government
officials. The park utilizes a pressure tank and has two separate
leach fields. The park switches leach fields seasonally, and as a
result it is a very efficient system that would also allow the park to
continue to function in the rare event of a septic failure. The park
also has a newer Generac generator to power the well pump in the
event of a power failure. Each pad has electric & gas meters with
the tenants being direct billed by the electric supplier. The majority
of the underground pipes have been replaced with PVC. The road
is made of asphalt and is in decent shape for the most part. There
are a few potholes that the seller is planning on repairing (weather
permitting) prior to the transfer of the property to the new owner.
Each tenant is responsible for mowing their own individual pad.
There are not any vacant trailers that are in need of being removed
from the park, and there are not any trailers held for back taxes to
the best of the seller's understanding. PMW is presently an all-age
community.
The park has been owned by the current ownership group since
2006. Both of the owners now currently live out of state. (As
required by state law, we are disclosing that one of the owners of
PMW is a licensed real estate agent in the State of Illinois.)
This is a wonderful opportunity to buy a 100% occupied mobile
home park with outstanding cashflow, that still has value add
opportunities present with additional rental rate adjustments...and
with a fairly large population base in close proximity.

Location

Belvidere is a city in Boone County, Illinois. The population was
25,585 as of the 2010 census. It is the county seat of Boone
County. Belvidere is part of the Rockford, Illinois metropolitan
statistical area. Located in north central Illinois, Belvidere is
approximately 75 miles northwest of the downtown Chicago, and
approximately 12 miles east of Rockford.

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Park Information

Community Type: All Age
Number of MH Lots: 39
Total Occupancy: 100.0 %
Year Built: 1960
Average MH Lot Rent: $400
Size: 13 acre(s)

Lot Information

Singlewide Lots: 39
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: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

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

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