Contact Information

Mobile Home Park Details

  • Price: $1,250,000
  • Property ID: 1588482
  • Posted On: Jan 20, 2022
  • Updated On: May 1, 2022

Property Description

https://estersonmhcteam.​com/property/lakeland-estates

Contact Parker Kelly for more information parker.​kelly@marcusmillichap.​com

Price Reduced by $400,000! Motivated seller. All offers considered.

The Esterson MHC Team is pleased to present Lakeland Estates MHC in Charleston- Mattoon, IL MSA.​ The property consists of 92 lots, with a tremendous amount of upside within this value-add opportunity.​ The community is located practically in the center of St.​ Louis, Springfield and Indianapolis.​

The community has 92 total mobile home lots, 20 tenant owned homes, 15 park owned homes of which 14 are vacant and 56 vacant mobile home lots.​ The lot rent only tenants currently pay an average lot rental rate of $285 per month, which is below current market rent.​ Current occupancy is 23%.​ The overall market can support substantially higher lot rents based on limited affordable housing supply.​

This park is a year-round, all-ages community.​ It is serviced by public water, public sewer, electric, gas and curbside trash.​ There are no flood zones or opportunity zones within this park.​

This portfolio is being offered at $1,250,000 as a value-add investment, that requires filling vacant mobile home lots and responsibly raising rents over the next few years.

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

Park Information

Community Type: All Age
Number of MH Lots: 92
Total Occupancy: 22.8 %
Average MH Lot Rent: $285
Size: 10 acre(s)

Financial Information (Actual)

Gross Income $88,554
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 15

Download Documents

Other Listings by Glenn Esterson See More

Similar Mobile Home Parks for Sale