Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $260,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1477026
  • Posted On: Jul 14, 2021
  • Updated On: Aug 31, 2021

Property Description

•City Water & City Sewer!
•ZERO accounts receivable!
•Steady occupancy levels!
•City maintained streets!

Valley View MHP is one of two parks being offered for sale by current ownership. The other park is on the Illinois side of the Mississippi River in rural Quincy, IL. The two parks are approximately 18.30 miles apart (as a bird flies). The owners will sell the park(s) individually or as a portfolio. Both parks are 18-pad communities. For ease of simplicity we will refer to this park as Canton View" and the park in rural Quincy as "Quincy View".

Valley View MHP is a 18-pad mobile home community located on just under 1.00 acre three blocks from quaint, downtown Canton, MO and next door to a city park. The park was developed over 50 years ago and has served the community by offering an affordable housing option since that time. The property is zoned B2 and is believed to be in compliance. The park is two blocks west of the Mississippi River and is protected by the levee, as a result the FEMA flood maps classify this location as "area with reduced flood risk". The park is presently managed by a 3rd party property manager who will not be continuing in that role going forward due to time constraints with their business. The park has been utilizing a "greeter" and they have served well in that capacity and might be capable of additional responsibilities depending upon your management structure. The park does not have a maintenance man at the present time.

CITY WATER & CITY SEWER!!! The underground pipe material is believed to be clay and PVC. The electrical pedestals are 100 amp. Residents are direct billed for their water, electricity, & garbage with no back-billing. The park utilizes city maintained roads that are blacktop (main road) and gravel (back alley) in good condition. The park mows the entire park and the city moves snow as needed. The park also has a block building located in the center of the park that is great for storage.

The pads vary in size but the majority are approximately 32' x 70'. There is currently one trailer that needs to be removed from the property. Of the 18-pads in the park, 15 of the trailers are POH's averaging $395/month. There are not currently any TOH's on the property, but the owners are crediting $150 of the monthly rental rate to "pad rental". Rents have been raised as new tenants have moved into the park, but the park has not had an entire rental rate increase in awhile. There are currently ZERO tenants behind in their rent. The park utilizes annual leases for its residents. *note* There is not much in the way of "lot rent" parks in Canton but market rent is estimated at $180-190. Current property manager describes STRONG demand for rental homes and a short turnaround time for vacancies. The home are mostly 70's & 80's.

Since the current ownership group purchased the park, they have made a number of improvements to the property:

1. Added water, sewer, & electric to two lots.
2. Added one additional home to the community.
3. Numerous repairs and upgrades to POH's.
4. Trimmed large trees and enhanced park aesthetics.
5. Painted the exterior of all homes to freshen the park up.

When asked what improvements they would implement if they were to continue to operate the park going forward:

1. Fill the remaining three vacant pads.
2. Remove an older home on lot 12.
3. Raise the rents.

Location

Canton is a city in Lewis County, Missouri. The population was 2,377 at the 2010 census. Canton is the home of Culver-Stockton College, a small liberal arts college. Canton is a part of the Quincy-Hannibal, IL-MO Combined Statistical Area.

Canton is 21-miles from Quincy, IL, 151 miles from St. Louis, MO, and 151 miles from Davenport, IA.
Quincy, known as Illinois's "Gem City", is a city in and the county seat of Adams County, Illinois, located on the Mississippi River. The 2010 census counted a population of 40,633 in the city itself, up from 40,366 in 2000. As of July 1, 2015, the Quincy Micro Area had an estimated population of 77,220. Geographically, Quincy is the largest city and is the central hub of the Tri-State region, encompassing western Illinois, northeastern Missouri, and southeastern Iowa. Quincy is 137 miles from St. Louis, MO, 144 miles from the Quad Cities, and 110 miles from Springfield, IL. In the fall of 2010, Forbes Magazine listed Quincy as the eighth "Best Small City To Raise A Family." In 2014 the voters approved an $89,000,000 school referendum for the construction of four brand new schools and to completely renovate the high school.

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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 72.0 %
Year Built: 1965
Average MH Lot Rent: $395
Size: 1 acre(s)

Lot Information

Singlewide Lots: 18
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: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 15
Average Rent for Park-owned Homes: $395

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