Contact Information

Jon Fisher

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

Mobile Home Park Details

  • Price: $450,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1542427
  • Posted On: Oct 25, 2021
  • Updated On: Jan 6, 2022

Property Description

Fairview Mobile Home Park is a 42-pad mobile home community located on 2.90 acres in Taylorville, IL. The park was developed around 1960 and has remained active since that time. The property is zoned commercial and is legally conforming. The park is not located in a flood zone. The park has an on-site manager who doubles as the maintenance man. The pads are approximately 36' to 70' feet in length (varies by street). There are no vacant trailers that need to be removed. Of the 42-pads in the park, two are POH's averaging right at $230/month (in addition to lot rent). The park is missing a title to one of the POH. 23 of the 42-pads are TOH's averaging $185/month. The rent was last raised in July of 2021. There are currently a few tenants behind on rent (varies by month). The park utilizes annual leases that morph into month/month after the first year.

CITY WATER & CITY SEWER!!! Fairview MHP is on city water & city sewer. The underground pipe material is unknown. The electrical pedestals vary between 50-100 amp depending upon the particular pad. The park has electric, gas, & water meters to each pad. The tenants is direct billed by all utility providers. The roads through the park are a variety consisting of asphalt, chip/seal, and gravel. The owners classify the road condition as "fair". The roads are maintained by both the city & the park owner depending upon the location. The tenants are responsible for mowing their own pads. The park mows the empty pads and common spaces. The park contracts out snow removal with a 3rd party vendor.

The park owners have not owned this property for an extended period of time, but they have done a lot of heavy lifting to bring the park back to where it is today:

•Demolished multiple abandoned homes
•Removed problem tenants
•Added a new entry sign to the park
•Added a nice playground
•Painted several homes to freshen up the exterior

When asked what items would they continue to improve upon if they continued to own the property:

•Bring in new trailers and/or RV's for additional income
•Paint the exterior of additional homes to continue the work of giving the park a fresh look.

Fairview Mobile Home Park is currently operating at a 39% operating expense ratio. However in the opinion of the listing agent there are some value-add opportunities that could greatly increase the profitability of this park.

1. The pad rental rate is currently $185. The seller believes the "market rate" to be $230/month (They have been in this market with this park and another park for the past four years). They purchased the park and have gradually started to increase the lot rent on the tenants, however there is still a ways to go to reach market rate.
2. Continue to infill the park by introducing newer trailers to be sold
outright, or sold as RTO's.

Location

Taylorville is a city in and the county seat of Christian County, Illinois. The population was 11,246 at the 2010 census, making it the county's largest city. Taylorville is 27 miles from Springfield, IL, and 28 miles from Decatur, IL.

Taylorville is served by Illinois Route 29, Illinois Route 48 and Illinois Route 104. (by closest major city) Illinois Route 29 connects Taylorville to Springfield Illinois, Illinois Route 48 connects Decatur Illinois including highway access to US Highway 51 to Pana Illinois and/or Champaign Illinois via Interstate 72, and Illinois Route 104 connects Taylorville to Jacksonville Illinois.

Perhaps the most famous resident from Taylorville is Jon Corzine -
54th Governor of New Jersey 2006–2010; United States Senator representing New Jersey 2001–2006; previously co-CEO of Goldman Sachs, and CEO and Chairman of MF Global; born outside of Taylorville and graduated from Taylorville High School.

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Park Information

Community Type: All Age
Number of MH Lots: 42
Total Occupancy: 60.0 %
Year Built: 1960
Average MH Lot Rent: $185
Size: 3 acre(s)

Lot Information

Singlewide Lots: 42
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: 2
Average Rent for Park-owned Homes: $415

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