Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.2%
  • Property ID: 1651152
  • Posted On: Apr 19, 2022
  • Updated On: Dec 1, 2022

Property Description

Highcross Properties is a 1.88 acre parcel on the corner of US Route 150 and Illinois Route 130 in Urbana, IL. The neighboring parcel to the east is also listed so combined there are 2.83 acres for development. Highcross Properties is in a very desirable location with daily traffic counts in excess of 28,000 vehicles per day. Highcross Properties is on the NE side of the intersection, Wal-Mart is on the SE side of the intersection, Aldi’s is on the NW side of the intersection, and The United States Post Office occupies the SW side of the intersection. The park is on city water and has its own septic system currently. Currently there is a house & MHP at this location. Each pad has its own electric and gas meters. The park provides water & garbage to the tenants as part of its rental agreement. Park is producing in excess of $40,000 gross revenue annually at the present time.

Value-add opportunities present as the park is $100-125 per pad under market value in Urbana. The rental house is at least $200 below market value. The park was inherited by heirs of the owners who have been reluctant to raise rents to market due to long-term ties with the tenants.

City water & septic. The park is on city water and I would definitely recommend the next owner put in meters and bill back to tenants. The park is on septic...however the park could easily be hooked up to public sewer should the new owner annex into the city of Urbana. The city of Urbana wants this to happen. As it stands now there are less zoning restrictions and reduced property taxes by staying in the "county" instead of the city of Urbana. The next owner can determine how he wants to proceed.

Location

One of the first questions that investors often ask me is "How far away is it from the Walmart?" Well in this case it is literally across the street. Aldi's and the US Post Office occupy the other two corners of this development. Quite frankly I am shocked that this corner has not been gobbled up for development yet as this is a coveted location that is growing.

Urbana is home to the University of Illinois and it's 52,331 students, as well as an additional 10,349 employees. Due to the huge presence of the University, this area has been virtually recession proof in comparison to other communities in the State of Illinois. Champaign-Urbana also traditionally has one of the lowest unemployment rates in the State.

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Park Information

Community Type: All Age
Number of MH Lots: 10
Total Occupancy: 73.0 %
Average MH Lot Rent: $295
Size: 2 acre(s)

Financial Information (Actual)

Gross Income $46,504
Operating Expense $18,439
Net Operating Income $27,881
Expense Ratio 39.7 %
Debt Info

Lot Information

Singlewide Lots: 10
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: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $550

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