Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $299,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1399597
  • Posted On: Mar 1, 2021
  • Updated On: Apr 5, 2021

Property Description

Rolling Meadows MHP is a 70-pad MHP in Abingdon, IL with
tremendous "value-add" opportunities available. The park also
includes a SFR and 4.57 acres of land for future development (total
of 12.94 acres). The seller believes the park was developed
around 1970. The park currently has 15 paying tenants (21%
occupied). Ten of these are TOH units that are paying just $180/month in lot rent (+ $30/month for water & garbage). Five of
these units are POH units that are paying $340/month in lot rent.
The rental rates have not been raised on the park since January of
2015. In addition to the five occupied POH's, the park also has
three POH's that are in condition suitable for renting, five additional
POH that are borderline able to be rehabbed, and approximately
twenty POH's that probably need to be scraped in the opinion of the seller. There in one vacant double-wide that the seller does not
have title to.

CITY WATER & CITY SEWER!!! This is always the first question
that I get, so let's just get that out of the way. The park is on city
water however it is not being billed direct to the tenants at this time. This park is an ideal candidate for a remote meter system to
capture back this added expense. The gas & electric are direct
billed to the tenants from their respective suppliers. The road
through the park is made out of asphalt. The seller describes the
road as being in "average" condition. Tenants mow their own
space, and the park mows the vacant & common areas. The park
pushes snow as necessary.

Since the seller purchased the property in 2014, they have made a
number of improvements to the property. They evicted a number of problem tenants with character issues. They completely replaced the water main throughout the park. New laterals have been run from this new main to approximately 30 of the trailers. The pipes are marked with radio location that will make it easier to replace the laterals to the rest of the park. When asked about future improvements to the property if they were to continue to operate it: Sub-metering the water to each pad, removing & rehabbing additional units, and concentrating on infill to increase income.

Rolling Meadows MHP is a beautiful park. Quiet town. Mature trees. Good preliminary design & layout. There is a lot of potential in this park. The current owner is a successful attorney in Chicago who has not had the time to devote to the proper management of the park. This park is perfect for those of you who have experience in turn-around & infill situations. The park will need some work, however 70-pad mhp's that aren't already part of a buyer's group
are hard to find these days...and priced at under $6,500/pad.

Location

Abingdon is a city in Knox County, Illinois. It is 50 miles west of
Peoria, 50 miles SE of Davenport, IA, and 11 miles from Galesburg.
It is part of the Galesburg Micropolitan Statistical Area. The city was first settled in 1828 and was incorporated in 1857.

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Park Information

Community Type: All Age
Number of MH Lots: 70
Total Occupancy: 21.0 %
Year Built: 1970
Average MH Lot Rent: $180
Size: 13 acre(s)

Lot Information

Singlewide Lots: 69
Doublewide Lots: 1
Triplewide Lots: 0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 30
Average Rent for Park-owned Homes: $340

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