Contact Information

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

Mobile Home Park Details

  • Price: $629,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.1%
  • Property ID: 1666969
  • Posted On: May 12, 2022
  • Updated On: Jun 22, 2022

Property Description

White House Estates is a 25-pad mobile home community located on 5.65 acres on the outskirts of Atkinson, IL. The park was developed in the 1960's and has served the community by offering an affordable housing option since that time. The property is zoned 0030 (vacant residential lots) and 0060 (improved commercial). The park is not located in a flood zone. The park is presently managed by a resident manager who the owners believe will have interest continuing in that role going forward. The park does not have a maintenance man at this time.

The pad size varies, but the majority are single section pads (19). There are also multi-section pads in the park (06). There are currently not any trailers that need to be removed from the premises. Of the 22 occupied pads in the park, 04 of the trailers are POH's averaging $600/month. The other 18-pads in the park are occupied by TOH's which are paying $260/month (single), & $280/month (double). The current owners are bringing the pad rental rates up to market levels. Rent was raised in November of 2020 and was just increased another $20 on May 1st of 2022. There are currently five tenants behind in their rent. The park utilizes month-to-month leases for its residents.

PUBLIC WATER & SEWER! White House Estates is on city water & city sewer! The underground pipe material is unknown to the owners. The electrical pedestals are older and they believe they are between 60-100 amps. Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is built into the lot and home rent. The park has two roads (one is asphalt, one is gravel) that are considered to be in below average condition. The tenants mow their own pads and the park mows the common areas. The park utilizes a 3rd party vendor to push snow as needed.

Since the current ownership group purchased the park, they have made a number of improvements to the property:
1. Installed new park signage
2. Cleared dead trees out of the park

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

1. Repave the asphalt road
2. Replace the speed limit signs in the park
3. Install exterior lighting

Location

Atkinson is an incorporated town in Henry County, Illinois. The population was 965 at the 2020 census.

16 miles from Kewanee, IL
31 miles from Moline, IL
33 miles from Bettendorf, IA
36 miles from Davenport, IA
38 miles from Rock Island, IL
68 miles from Peoria, IL
144 miles from Chicago, IL

The Quad Cities is a region of cities (originally four, see History) in the U.S. states of Iowa and Illinois: Davenport and Bettendorf in southeastern Iowa, and Rock Island, Moline and East Moline in northwestern Illinois. These cities are the center of the Quad Cities metropolitan area, which as of 2013 had a population estimate of 383,781 and a Combined Statistical Area (CSA) population of 474,937, making it the 90th-largest CSA in the nation.

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Park Information

Community Type: All Age
Number of MH Lots: 25
Total Occupancy: 88.0 %
Year Built: 1960
Average MH Lot Rent: $260
Size: 6 acre(s)

Lot Information

Singlewide Lots: 19
Doublewide Lots: 6
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: 4
Average Rent for Park-owned Homes: $600

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