Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 13.5%
  • Listing ID: 1531664
  • Posted On: Oct 7, 2021
  • Updated On: Jun 23, 2022


Providential Crossing MHP is part of a two-park, 103 pad portfolio located in the Princeton, IL corridor (parks are approximately 3.5 miles apart as the crow flies). The portfolio is priced at $1,998,000.

Providential Crossing is a 26 pad all-age community that offers "value-add" opportunities as it is presently 46% occupied. Four of the tenants are purchasing their trailers on contract and all future contract payments would go to the new buyer of the park. The park also has three trailers in inventory that can be sold or renovated. Every trailer in this park is owned by the tenants which makes this an ideal candidate for an out of state investor. The lot rental rate is $280 per pad and it was last raised in July of 2020. There is currently one tenant (TOH) who is behind in rent two months.

CITY WATER & CITY SEWER!!! That is always the first question that I get so I'll just put that out there and get it out of the way. The underground pipe through the park is composed of 2'' blue plastic rolled water line. Each pad has it's own electric & gas meter which are direct billed to the tenants. Each pad has Metron Spectrum 30 (internet reads) water meters. The road through the park is gravel and the seller describes it as being in good condition. The MHP maintains the roads. Tenants are responsible for mowing their own space. The MHP moves snow as needed. The MHP has three POH that are available for sale to tenants (included in asking price). It has three POH that most likely need scrapped.

The current owner has done a nice job of adding Metron Spectrum 30 water meters to the park. When asked what improvements they would make to the park if they continued to own it going forward: Continue infilling the park, sell additional vacant homes, & chip and seal the road in the park.

This portfolio of parks had a number of park owned homes that largely sat vacant for a number of years after the current owners purchased the park. The owner is a contractor by trade and had intentions of high-end renovations prior to selling/leasing these units. With five mobile home parks in two states, combined with three small children, these high-end renovations never came to fruition due to a lack of time. Late in 2020 they decided to rent, give away, or sell on contract a number of these homes. They had a ton of interest and the park filled up quickly. I have every confidence in the financial numbers that they have provided to me. I only bring this up as some lending institutions will require 2-3 years of historical figures. Obviously the financials from 2-3 years ago will not be near as rosy as the current financial picture. Seller financing is NOT an option.


Bureau Junction is a small farming community in Bureau County, IL. It's closest city is Princeton. Additional information on Princeton is in the following paragraphs. Princeton is the county seat of Bureau County, Illinois. Princeton is approximately 115 miles SW of Chicago and located directly on I80. It would be an approximately 1 hour and 45 minute drive from both Chicago O'Hare & Midway airports. Princeton is part of the Ottawa Micropolitan Statistical Area. Due to its location where Interstate 80 meets the Amtrak system, as well as its well-preserved main street and historic housing stock, Princeton has become a popular satellite town for Chicago and the Quad Cities.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 26
Total Occupancy: 46.0 %
Year Built: 1965
Average MH Lot Rent: $280
Size: 8 acre(s)

Financial Information (Actual)

Gross Income $56,520
Operating Expense $16,067
Net Operating Income $40,453
Expense Ratio 28.4 %
Debt Info

Lot Information

Singlewide Lots: 26
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 - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 3
Average Rent for Park-owned Homes: $0

Other Listings by Jon Fisher