Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $575,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1477032
  • Posted On: Jul 14, 2021
  • Updated On: Nov 2, 2021

Property Description

•ZERO accounts receivable!
•Steady occupancy levels!
•County maintained road!
•Under market pad rates!

Quincy View MHP is one of two parks being offered for sale by current ownership. The other park is on the Missouri side of the Mississippi River in Canton, MO. 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 "Quincy View" and the park in Canton, MO as "Canton View".

Quincy View MHP is an 18-pad mobile home community located on 5.00 acres in rural Quincy, IL. Despite being in a rural location it is only 2.8 miles away from Walmart and other popular shopping & dining destinations. The park was developed in 1970 and has served the community by offering an affordable housing option since that time. The property is zoned 0030 (vacant residential lots). The park is not located in a flood zone. 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 this time.

The pad size varies, but the majority are approximately 37 x 90. There are currently not any trailers that need to be removed from the premises. Of the 18-pads in the park, 10 of the trailers are POH's averaging $600/month. Recent new POH rentals have been raised to $665/month. The other 8-pads in the park are occupied by TOH's which are paying $202.50/month. The last increase in pad rental was in November of 2020 and it is set to be raised again in January of 2022. There are currently ZERO tenants behind in their rent. The park utilizes annual leases for its residents.

PUBLIC WATER! Quincy View is on Mill Creek Water and utilizes a 3-cell lagoon sewer (overseen monthly by a licensed engineer at a cost of $150/month). The underground pipe material is believed to be a combination of clay & PVC. The electrical pedestals are 100 amp. Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is built into the lot and home rent. The park utilizes County roads that are blacktop and is good condition. The tenants mow their own pads and the park mows the common areas. The park assists with pushing snow as needed.

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

1. Rebuilt part of lagoon dams.
2. Brought in one new POH.
3. Added a park sign and landscaping.
4. Trimmed large trees.

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

1. Raise rents to increase income.

Location

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: 100.0 %
Average MH Lot Rent: $202
Size: 5 acre(s)

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $600

Video

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