Contact Information

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

Mobile Home Park Details

  • Price: $599,000
  • Purchase Method: Cash, Seller Financing
  • Cap Rate: 8.2%
  • Property ID: 1713794
  • Posted On: Jul 15, 2022
  • Updated On: Jul 15, 2022

Property Description

-City water & city Sewer!
-Predominantly TOH!
-Currently managed remotely!
-Value-add opportunities present!

Green Tree AHC is a smaller community located in Seneca, IL. The park is comprised of twenty-four pads. The total size of the park is approximately 3.30 acres. The park is zoning compliant (0060 improved commercial) and is not located in a flood zone. The park is currently managed by an out of state investor. The tenants currently pay rent via an online portal or by depositing funds at an account set up at a local bank. The park currently has 11 TOH & 2 POH. The rent is currently $350 per month. Tenants pay for their own electricity & gas. The park provides garbage pickup for the tenants. Tenants are currently on a month-to-month lease.

City water & city sewer!!! The roads through the park are currently gravel and they are in average shape. The entire water system in the park was replaced within the past year. The meters were installed in March of 2022. For the past three months the park has billed back 100% of the water bill so it appears to have been a successful project. The tenants mow their own space. Park mows common areas. Park also supplies snow removal during the winter months.

The sellers purchased the property with the intent of flipping it back in late 2020. In addition to replacing the entire water line, they have removed four vacant homes, done substantial work on tree trimming, lot clearing, and are in the process of pressure washing & painting some of the residents homes to improve the appearance of the park. The sellers state that the village of Seneca is happy with the progress that they have made.

I feel comfortable with the numbers that I am presenting in this OM based on the financials provided to me. However if you have a bank that needs to see 2-3 years of historical financial statements at a consistent level, this property isn't going to work for those lenders. The owners just got the water bill situation under control as of March of 2022, and that makes a nearly $25,000/year difference in NOI. The seller has a lender that he believes will lend on the property. Seller may also entertain the possibility of holding back some paper on a case by case basis depending on his comfort level with the experience and financial strength of the individual.

Location

Seneca is a village in LaSalle and Grundy counties in the U.S. state of Illinois. Seneca is located 64 miles from Chicago, 35 miles from Joliet, and 14 miles from Ottawa.

Seneca, IL is part of the Ottawa Micropolitan Statistical Area. Although Seneca, IL is a smaller farming community, there are a large number of jobs within a short drive of Green Tree AHC. Some of the larger local employers include the following:

-Walmart Distribution Center (1,000 employees, distribution)
-Exelon (800 employees, nuclear power)
-OSF St. Elizabeth (730 employees, healthcare)
-St. Margaret's Health (650 employees, healthcare)
-Illinois Valley Community Hospital (614 employees, healthcare)
-Illinois Valley Community College (536 employees, education)
-Monterey Mushroom (524 employees, crop production)
-Eakas Corporation (500 employees, automobile/injection molding)
-Ace Hardware Distribution (485 employees, distribution)
-Petsmart Distribution Center (450 employees, Distribution)
-Tyson Fresh Meats (394 employees, food processing)

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Park Information

Community Type: All Age
Number of MH Lots: 24
Total Occupancy: 54.0 %
Year Built: 1977
Average MH Lot Rent: $350
Size: 3 acre(s)

Lot Information

Singlewide Lots: 24

Utility Information

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

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