Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 15.0%
  • Property ID: 1908095
  • Posted On: Oct 13, 2022
  • Updated On: Jan 13, 2023

Property Description

This State Certified El Paso Mobile Home Park has 18 Total Sites, 13 Mobile Homes are Owned by the Park, 4 are Individually Owned and pay Lot Rent Only. Great Location-backs up to Walking Trail only two Blocks from South Pointe Park. All mobile homes have their own Meters for Water, Sewer, Gas, and electric. Park Owners pay for Garbage, Mowing and Snow Removal.
1.21 acres in a little farming community called El Paso, 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 Multi Family, The park is not located in a flood zone.

Of the 13 Park Owned Units rents range from $325 to $400 mo. 4 Units pay Lot Rent Only at $175 mo. One Open Lot at this time.
There are currently zero tenants behind in their rent.

PUBLIC WATER & SEWER! The El Paso MHP is on city water & city sewer! Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is built into the lot and home rent. The roads are maintained by both the park and the city. 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.

Location

T26N - R2E - S08 BLK 27,PT LOT 1, ALL 1 BLK 26 BESTOR & BAYS ADDN ALSO INCLS VAC EAST CENTRAL ST

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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 94.0 %
Year Built: 1960
Average MH Lot Rent: $321
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $65,520
Operating Expense $7,272
Net Operating Income $58,248
Expense Ratio 11.1 %
Debt Info

Lot Information

Singlewide Lots: 18
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: 13
Average Rent for Park-owned Homes: $379

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