Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $1,499,000
  • Purchase Method: Cash
  • Property ID: 1415425
  • Posted On: Mar 31, 2021
  • Updated On: Apr 5, 2021

Property Description

Hollyhock Hill is a "charming" 31 unit affordable housing community located in Zion, IL. 23 out of the 31 units are mobile home pads. 22 out of the 23 mobile homes located in the park are tenant owned. The remaining units consists of one bedroom cottages, duplexes, & a studio apartment. 68% of the community have lived in Hollyhock Hill in excess of ten years...offering tremendous stability to the next owner of this community. The park is 100% occupied. There are no vacant trailers that need to be removed from the premises. The park has a manager who has managed the property for the past 15 years that the current owner describes as "very good!". The average pad rental rate is $500/month, and it was last raised in November of 2020. Four of the long-term tenants are behind in their current rent for what the seller refers to as "covid problems". Two of the four have been good tenants in the park in excess of ten years, the third for over two years.
Hollyhock Hill Mobile Home Park is on a private well, but on a city sewer! The underground pipe material is constructed of a combination of iron, plastic, & copper. Each electrical pedestal has 50 amp service. There are electric & gas meters to each pad with the tenant being billed directly from the provider. There are no water meters at the present time, so the park pays the sewer bill for the community. The road is black top and the owner describes it to be in good condition. The park owner maintains the road. The tenants mow their own space. The park mows common areas and moves snow in the winter as the park has its own plow. All of the parking is off-street.
The owner of the park is 91 years young! He is wanting to slow down and that is why this park is being made available. It has been a tremendous asset for him for many decades. Due diligence items will be limited due to the accounting methods of the current owner. As a result of the accounting methods used by the current owner, this might be a difficult property to obtain traditional financing from a lending institution. The seller is not interested in selling on contract as he has located another property for him to initiate a 1031 exchange. At the present time the listing agent has a current rent roll that was provided on March 5th, 2021, copies of the park insurance coverage, copy of the license for Lake County, and the rules & regulations for the community. There are leases in place and the listing agent believes those may be available after the property is under contract. The current owner does not have an email address to accommodate e-signature programs and contract reviews, so please be patient as the process of going under contract, making revisions, etc will be slower than normal transactions.

31 Units (23 pads + 8 rental units)
23 pads (100% occupied)
22 TOH (Averaging $500/month for lot rent)
01 POH ($500/month)
04 Cottages (Averaging $685/month)
03 Duplex Rentals (Averaging $815/month)
01 Studio ($475/month)

Location

Zion, IL is approximately 33 miles north of Chicago's O'Hare International Airport, 48 miles south of Milwaukee, and nine miles south of Kenosha, WI. Hollyhock Hill MHP is approximately 1.3 miles west of Lake Michigan, and 1.8 miles south of the Illinois/Wisconsin border.

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Park Information

Community Type: All Age
Number of MH Lots: 31
Total Occupancy: 100.0 %
Year Built: 1960
Average MH Lot Rent: $500
Size: 4 acre(s)

Lot Information

Singlewide Lots: 23
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0

Utility Information

Water: Well
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $500

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