Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $350,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1477004
  • Posted On: Jul 14, 2021
  • Updated On: Jul 14, 2021

Property Description

-City water & city Sewer!
-All tenants own their own homes!
-Currently managed remotely!
-Low accounts receivable through Covid!
-Value-add opportunities present!

Green Tree AHC is a smaller community located in Seneca, IL. The park is comprised of twenty-four pads. The total size of the park is approximately 3.30 acres. The park is zoning compliant (0060 improved commercial) and is not located in a flood zone. The park is currently managed by an out of state investor. The tenants currently pay rent via an online portal or by depositing funds at an account set up at a local bank. All thirteen tenants own their own homes. The park is selling with one park owned home and the seller is currently in the process of obtaining title to that unit. The rent is currently $315 per month. The park also charges $50/month for water & sewer. Tenants pay for their own electricity & gas. The park provides garbage pickup for the tenants. Tenants are currently on a month-to month lease.

City water & city sewer!!! The roads through the park are currently gravel and they are in average shape. The composition of the underground pipes are unknown, however it is known that they need to be replaced. The seller is in the process of getting bids for this project. The seller is also in the process of getting bids for remote water meters to be able to charge the tenants directly for their water usage. The tenants mow their own space. Park mows common areas. Park also supplies snow removal during the winter months.

The sellers purchased the property with the intent of flipping it ack in late 2020. Since then they have removed four vacant homes, done substantial work on tree trimming, lot clearing, and are in the process of pressure washing & painting some of the residents homes to improve the appearance of the park. The sellers state that the village of Seneca is happy with the progress that they have made.

The underground water lines will need to be replaced completely. The seller's had every intention of doing this prior to flipping this property, however they've taken on some much bigger projects closer to them that will limit their time & capacity to tackle this project. Note from seller: "We are in the process of receiving engineering plans and permits for the water line replacement. This is going to take 60-75 days to receive the permit back. If the park has not yet sold by this time, we will move forward with the 82,000 plumbing line replacement. "I thought we were going to be able to begin the repipe in June, thus raising rents in July. But since the re-pipe does not look like it will be done during this timeframe, rent increases won't happen until the re-pipe is completely done."

Location

Seneca is a village in LaSalle and Grundy counties in the U.S. state of Illinois. Seneca is located 64 miles from Chicago, 35 miles from Joliet, and 14 miles from Ottawa.

Seneca, IL is part of the Ottawa Micropolitan Statistical Area. Although Seneca, IL is a smaller farming community, there are a large number of jobs within a short drive of Green Tree AHC. Some of the larger local employers include the following:

-Walmart Distribution Center (1,000 employees, distribution)
-Exelon (800 employees, nuclear power)
-OSF St. Elizabeth (730 employees, healthcare)
-St. Margaret's Health (650 employees, healthcare)
-Illinois Valley Community Hospital (614 employees, healthcare)
-Illinois Valley Community College (536 employees, education)
-Monterey Mushroom (524 employees, crop production)
-Eakas Corporation (500 employees, automobile/injection molding)
-Ace Hardware Distribution (485 employees, distribution)
-Petsmart Distribution Center (450 employees, Distribution)
-Tyson Fresh Meats (394 employees, food processing)

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Park Information

Community Type: All Age
Number of MH Lots: 24
Total Occupancy: 56.0 %
Year Built: 1977
Average MH Lot Rent: $315
Size: 3 acre(s)

Lot Information

Singlewide Lots: 24
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: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $0

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