Contact Information

Mobile Home Park Details

  • Price: $900,000
  • Cap Rate: 10.1%
  • Property ID: 1388041
  • Posted On: Feb 2, 2021
  • Updated On: Mar 24, 2021

Property Description

The Colliers Midwest Manufactured Housing Group is pleased to present Washington Springs MHC, a 69 site Manufactured Home Community located in Okawville, Illinois. The community is settled on approximately 9.23 +/- acres in Southern Illinois.

Located only 45 minutes to the Southeast from St. Louis, Okawville is home of the Original Springs Hotel which is the last standing mineral water bath house in Illinois. Mostly known for it’s agriculture industry, Okawville population has increased by more than 11% since 2010 and overall population within a 20 mile radius is over 75,000. Other notable data points in the area include a 2.7% unemployment rate compared to 6.7% national average an a median home value of $116,800.

Washington Springs MHC is comprised of 69 manufactured sites: 25 are resident owned paying an average of $250, three are rentals paying an average of $515 (one is occupied by the on-site manager who receives free home rent), three need to be demolished, two need to be rehabbed, one is on a rent credit, which pays $600, one is being used for storage (POH), three are abandoned and 31 have empty sites.

All utility services are directly billed to the residents. The Village of Okawville bills resident’s monthly for water, sewer and trash and Ameren Illinois bills residents for gas and electric.

A new operator has the opportunity to increase income by renovating and leasing or selling five existing inventory homes and bringing in new homes on the 31 empty sites.

Location

• Only 45 minutes drive time to downtown St. Louis
• City Water & Sewer | All utility bills are directly billed to residents
• Median Home Value $116,800 | Unemployment Rate 2.7%
• Opportunity to renovate and lease up or sell 5 existing inventory homes
• Experienced on-site manager/maintenance

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 69
Total Occupancy: 55.0 %
Size: 9 acre(s)

Financial Information (Pro Forma)

Net Operating Income $91,169
Debt Info

Utility Information

Water: City
Sewer: City

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