Contact Information

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

Mobile Home Park Details

  • Price: $1
  • Purchase Method: Cash
  • Property ID: 1751712
  • Posted On: Sep 7, 2022
  • Updated On: Sep 7, 2022

Property Description

***This park will be selling by online auction on October 10th, 2022. Please follow this link for additional information:

https://www.crexi.com/properties/893094/illinois-the-monticello-17-pad-mobile-home-park

•Perfect starter park for smaller investors!
•CITY WATER & CITY SEWER!
•All TOH!
•All tenants direct billed for utilities!
•Quaint small town in need of affordable housing!
•Low cost park to operate!
•Monticello has an average household income of over $93,000 annually!

The Monticello MHP is a 17-pad mobile home community located on 1.38 acres in a little farming community called Monticello, IL. The park was developed in the 1960's or early 1970's and has served the community by offering an affordable housing option since that time. The property is zoned 0060 (improved commercial). The park is not located in a flood zone (though it comes very close to the NW corner of the property). The park is presently managed by a 3rd party property manager. The park also enjoys the service of a local maintenance man.

The pad size varies, but all of them are single section pads. There are currently not any trailers that need to be removed from the premises. Of the 13 occupied pads in the park, all 13 of the trailers are TOH's paying $325/month. The current owners are bringing the pad rental rates up to market levels. Rents were last raised in December of 2020 by $85/month. There are currently zero tenants behind in their rent. The park utilizes a combination of annual and month-to-month leases for its residents.

PUBLIC WATER & SEWER! The Monticello MHP is on city water & city sewer! The underground pipes material is believed to be PVC and the majority of it was replaced by the previous owner. The electrical pedestals are 100 amp. Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is built into the lot and home rent. The roads on the exterior of the park are paved and are considered to be in good condition. The roads are maintained by the city. The tenants mow their own pads and the park mows the common areas.

Seller is disclosing that their is no true easement to the park on the western border. The previous owner operated the park in excess of 20-years not knowing that the street was technically not a city street (despite the fact they had been maintaining it). The street to the west and the little thrift shop next to it both are on property owned by the railroad. The current seller was aware of the easement situation when he purchased the park and this has nothing to do with this property being offered for sale.

There is a 30 x 40 warehouse on the NE corner of the property that is currently vacant. The possibility exists to demolish this building and potentially add a few additional pads. The building could potentially be rented out as a warehouse but will probably need some capex in the immediate future. Current town regulations prohibit this building for being rented out for a residential rental.

Location

Although Monticello is a quaint, small farming community, it is directly between Champaign-Urbana & Decatur. The majority of the residents of Monticello commute to these cities for work. If you are an out-of-state investor looking to fly-in, Monticello is virtually equidistant between Chicago, Indianapolis, & St. Louis.

Monticello is located:
22 miles from Champaign, IL
28 miles from Decatur, IL
148 miles from Indianapolis, IN
155 Miles from Chicago, IL
157 miles from St. Louis, MO

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

Park Information

Community Type: All Age
Number of MH Lots: 17
Total Occupancy: 77.0 %
Year Built: 1970
Average MH Lot Rent: $325
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $50,700
Operating Expense $13,811
Net Operating Income $36,889
Expense Ratio 27.2 %
Debt Info

Lot Information

Singlewide Lots: 17
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: 0
Average Rent for Park-owned Homes: $0

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