Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $299,000
  • Property ID: 1399588
  • Posted On: Mar 1, 2021
  • Updated On: Apr 5, 2021

Property Description

Providential Crossing 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 36 of this OM. Providential Crossing is a 26 pad all-age community that
offers "value-add" opportunities as it is presently 46% occupied.
Four 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 three 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 is currently one tenant (TOH) who is behind in rent two
months. 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'' blue plastic
rolled water line. Each pad has it's own electric & gas meter which
are direct billed to the tenants. Each pad has Metron Spectrum 30
(internet reads) water meters. The road through the park is gravel
and the seller describes it as being in good condition. The MHP
maintains the roads. Tenants are responsible for mowing their own
space. The MHP moves snow as needed. The MHP has three
POH that are available for sale to tenants (included in asking price).
It has three POH that most likely need scrapped.

The current owner has done a nice job of adding Metron Spectrum
30 water meters to the park. 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 road in the park.

Location

Bureau Junction is a small farming community in Bureau County,
IL. It's closest city is Princeton. Additional information on Princeton
is in the following paragraphs. Princeton is the county seat of Bureau County, Illinois. Princeton is approximately 115 miles SW of Chicago and located directly on I80. It would be an approximately 1 hour and 45 minute drive from both Chicago O'Hare & Midway airports. 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.

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

Park Information

Community Type: All Age
Number of MH Lots: 26
Total Occupancy: 46.0 %
Year Built: 1965
Average MH Lot Rent: $280
Size: 8 acre(s)

Lot Information

Singlewide Lots: 26
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Other Listings by Jon Fisher See More

Similar Mobile Home Parks for Sale