Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.0%
- Listing ID: 1466800
- Posted On: Jun 28, 2021
- Updated On: Nov 22, 2021
Description
This mobile home park features 14 pads in Altamont Illinois. The park is served by public utilities with the current ownership paying for water and lawn care. This park will be an easy option for a new owner to buy and hold, raising lot rents as able. 4 tenants can have their lot rent increased from $150 to $250 in July of 2021. There is no snow removal required by the current ownership of this property.
The city of Altamont only allows tenant owned homes in their mobile home parks.
Contact Broker for Additional Information
Location
Altamont is located directly off of I-70 and has a city population of nearly 2,500. The city of Altamont is a 15 minute drive from the county seat of Effingham, which has a local population of over 10,000 making this park a good affordable option for residents in the county.
Park Information
| Number of MH Lots: | 14 |
| Year Built: | 1992 |
| Average MH Lot Rent: | $250 |
| Size: | 1 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $22,200 |
| Operating Expense: | $9,394 |
| Net Operating Income: | $12,806 |
| Expense Ratio: | 42.3 % |
Lot Information
| Singlewide Lots: | 14 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
