Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $1,699,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1399576
  • Posted On: Mar 1, 2021
  • Updated On: Apr 5, 2021

Property Description

Hummingbird Hill MHP is part of a two-park, 103 pad portfolio
located in the Princeton, IL corridor (parks are approximately 3.5
miles apart as the crow flies). The portfolio is priced at $1,998,000
and combined financial information can be found on page 42 of this
OM. Hummingbird Hill is a 77 pad all-age community that offers
"value-add" opportunities as it is presently 60% occupied. In
addition to the 77 pads, it also has a SFR that is rented out.
Sixteen of the tenants are purchasing their trailers on contract and
all future contract payments would go to the new buyer of the park.
The park also has two trailers in inventory that can be sold or
renovated. Every trailer in this park is owned by the tenants which
makes this an ideal candidate for an out of state investor. The lot
rental rate is $280 per pad and it was last raised in July of 2020.
There are currently five tenants behind in rent, one of the five has
entered into a payment plan in an attempt to catch up. The park
has an onsite manager that would most likely have interest in
continuing that role going forward with the next ownership group.

CITY WATER & CITY SEWER!!! That is always the first question
that I get so I'll just put that out there and get it out of the way. The
underground pipe through the park is composed of 2'' plastic & 4''
cement. Each pad has it's own electric & gas meter which are
direct billed to the tenants. Each pad has Metron innov8-VN LTE
5/8 x 3/4 (internet reads) or Badger Model 25 (manual read) water
meters. The road through the park is chip seal and the seller
describes it as being in average condition. The MHP maintains the
roads. Tenants are responsible for mowing their own space. The
MHP moves snow as needed. The MHP has two POH's that are
available for sale to future tenants (included in asking price).

77 Pads in total:
30 Pads are TOH.
16 Pads are RTO.
1 SFR currently rented.
2 Vacant POH available for sale

The current owner has done a nice job of adding gravel to the
parking drives for each trailer. When asked what improvements they would make to the park if they continued to own it going forward: Continue infilling the park, sell additional vacant homes, & chip and seal the north section of the park.

Location

Princeton is a city in and is the county seat of Bureau County,
Illinois. Princeton is approximately 115 miles SW of Chicago and
located directly on I-80. It would be an approximately 1 hour and
45 minute drive from both Chicago O'Hare & Midway airports.
Princeton is also roughly 60 miles east of Davenport, IA and the
Quad Cities. Princeton is part of the Ottawa Micropolitan Statistical Area. Due to its location where Interstate 80 meets the Amtrak system, as well as its well-preserved main street and historic housing stock, Princeton has become a popular satellite town for Chicago and the Quad Cities.

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Park Information

Community Type: All Age
Number of MH Lots: 77
Total Occupancy: 60.0 %
Year Built: 1967
Average MH Lot Rent: $280
Size: 11 acre(s)

Lot Information

Singlewide Lots: 77
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 - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $0

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