Mobile Home Park Details

  • Cap Rate: 5.4%
  • Property ID: 1900180
  • Posted On: Oct 3, 2022
  • Updated On: Feb 3, 2023

Property Description

**RECENT PRICE REDUCTION**
**EXCLUSIVE LISTING PRESENTED BY JDS REAL ESTATE SERVICES IN ASSOCIATION WITH MFI COMMERCIAL**
**PLEASE DO NOT CALL PARK DIRECTLY - CALL LISTED AGENT FROM MFI COMMERCIAL**
• Currently the park is only 50% occupancy which provides the option of renting the pads to tenants or infilling the lots with park owned homes. There is already one park owned home on an RTO contract so selling the mobile homes is a good way to make extra money as well.
• There are only 16 park owned homes in the mobile home park (including the one already on an RTO contract) so it would also be easy to keep the ration in favor of tenant owned homes. Raising the lot rent is also an easy way to increase the income of this park because its current lot rents are below market price.
• Right now the lot rent is between $305 - $320 while neighboring parks are charging over $400! . Park owned home rent is $315 - $671 and other nearby parks are charging between $600 - $1100, this shows the upside potential by only having rental increases! **(Lot Rent Increasing $35 1/1/23)**

Location

Located in a relaxed rural area, Lake Wildwind Mobile Home Park is adjacent to Lake Wildwind and only 15 miles away from Peoria, IL. Peoria has one of the biggest population bases in Illinois, boasting 402,391 residents in its metropolitan area based on 2020 statistics!
The park consists of 114 Lots with 57 currently vacant, which brining its occupancy to 50%. There are a total of 98 tenant owned homes and 16 park owned homes (one is currently on a RTO contract). Many of the park owned homes have been upgraded as tenants move out allowing rental increases.

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Park Information

Community Type: All Age
Number of MH Lots: 114
Total Occupancy: 50.0 %
Year Built: 1970
Average MH Lot Rent: $310
Size: 39 acre(s)

Financial Information (Actual)

Gross Income $232,641
Operating Expense $138,156
Net Operating Income $94,484
Expense Ratio 59.4 %
Debt Info

Lot Information

Doublewide Lots: 114

Utility Information

Water: Well
Water Paid By: Park
Sewer: Treatment Plant

Park-Owned Homes

Number of Park-owned Homes: 16
Average Rent for Park-owned Homes: $438

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