Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)
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Mobile Home Park Details

  • Price: $1,200,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.6%
  • Listing ID: 6187377
  • Posted On: Jun 10, 2024
  • Updated On: Jun 17, 2024

Description

This gorgeous property includes 17.68 acres near beautiful Lake Shelbyville. This is a perfect opportunity for an owner operator as well as a solid investment for those in the industry who have a management staff or team already in place. The park has nearly 17,000,000 residents within a three hour drive of its location. The park has had 100% occupancy since 2014!

Lake Shelbyville's normal surface pool is 11,100 acres. The average depth is 19' feet and the deepest depth is 67' feet. The area that surrounds the lake is the Shelbyville State Fish and Wildlife Area. The lake is managed by the United States Army Corps of Engineers, and the wildlife is managed by the Illinois Department of Natural Resources. Bordering the lake are two state parks: Wolf Creek State Park and Eagle Creek State Park. There is also Wilburn Creek and Whitley Creek Recreational Area. Man-made beaches are located at Dam West (Shelbyville), Wilborn Creek, Wolf Creek State Park, and Sullivan Beach. Aside from the main channel of the lake are many coves, suited for fishing. The lake is deeper than other major lakes in Illinois, so it is popular with boaters during the summer.

This RV park was constructed back in 1995. Today it includes 86 RV pads that are seasonal (April 1st through October 31st). Of the 86 pads there are 30 with full hookup (water, sewer, electricity), 56 pads with water & electricity only. Approximately five of the RV pads are pull through. The roads through the park are gravel and are considered to be in good shape. The park has a bathhouse with two showers and a restroom. The park also has another building that is just a restroom. The water & sewer lines are both PVC. The park is currently paying for all of the water to the park so adding water meters might be a value-add scenario for the next owner. The tenants are direct billed for their electricity from Ameren. The park utilizes five septic systems. The park has a modern playground for the children. The park does not have a store.

Currently the park is 100% occupied and it also has a waiting list that is approximately 50 names deep waiting to get into the park. In the opinion of the listing agent the seasonal rates are well below what they could be set at (especially with the waiting list as a backup). Full hookup sites are bringing in $1,850/year. Partial hookup sites are bringing in $1,450/year. The rates were last raised in 2023. The current owner has raised rates every two years.

The park also offers covered boat parking onsite. It currently has 23 units that are rented out.

These units rent for:

(5) 40' units rent for $950/year
(18) 30' units rent for $800/year

The park also has a 7-unit motel in the front of the property. In the opinion of the listing agent the lodge/motel rates are below what they could be set at. They currently have a two night minimum and they rent for $85/night. These are rooms with a kitchenette. 80% of the lodge visitors are repeat customers. The owner says that the majority are fishermen, pleasure boaters, and individuals visiting families. The lodge/motel is currently closed for the winter and operates on the same cycle as the RV park. The current owners "snow bird" in Florida over the winter so closing the motel portion is also a personal preference for their lifestyle.

The park also has a great little 2 bed/1 bath house that is approximately 1,500 square feet. It is located near the shop/office area in the back of the park. The house got a new roof in 2023, and a new HVAC system in 2020. The office also got a new HVAC system within the past couple of years.

The park has three acres were an additional 10-15 sites could be added. Would most likely need county & state approval but the owner thinks that shouldn't be an issue.

I asked the current owner the following questions: What do you want buyers to know about your park?

"The park has great clientele who have been here for a long, long time. We've made some great friends and that is probably why our rates are below where they should be. The park has been well maintained. The park is in a great location as it is in close proximity to the lake."

I also asked the owner: What makes your park different from the average RV park?

"Visually I just feel like it is maintained better."

I also asked the owner: What is the profile of your average guest?

"I'd guess 60% are retired. 40% are families. All have ties to the lake."

Location

Shelbyville is a city in and the county seat of Shelby County, Illinois. As of the 2020 census, the population was at 4,674. HSHS Good Shepherd Hospital, located in town, is the county's only hospital. Shelbyville is also home to Chautauqua Auditorium.

There are approximately 17,000,000 residents within a three hour drive of Shelbyville.

Shelbyville is located:

30 miles SW of Mattoon/Charleston IL
36 miles SE of Decatur, IL
59 miles SE of Springfield, IL
77 miles SW of Champaign, IL
120 miles SE of Peoria, IL
120 miles NE of St. Louis, MO
170 miles SW of Indianapolis, IN
209 miles SW of Chicago, IL

Lake Shelbyville is a reservoir located in Shelby County, Illinois and Moultrie County, Illinois created by damming the Kaskaskia River at Shelbyville, Illinois. The lake's normal surface pool is 11,100 acres at an elevation of 600 ft. The area that surrounds the lake is the Shelbyville State Fish and Wildlife Area. The lake is managed by the United States Army Corps of Engineers, and the wildlife is managed by the Illinois Department of Natural Resources.

$57 million was appropriated for the dam and lake project. Groundbreaking on the dam occurred May 4, 1963. Filling of the reservoir began August 1, 1970. The lake was officially dedicated September 12, 1970. The dam is 3,025 feet long and 108 feet tall with normal pool height 17 feet below the top.

Bordering the lake are two state parks: Wolf Creek State Park and Eagle Creek State Park; and five federal campgrounds including Coon Creek, Opossum Creek, Lithia Springs, Lone Point, and Forest (Bo) Woods. There is also Wilburn Creek and Whitley Creek Recreational Area. Lake Shelbyville's shoreline is heavily wooded and subject to severe erosion. Man-made beaches are located at Dam West (Shelbyville), Wilborn Creek, Wolf Creek State Park, and Sullivan Beach. Aside from the main channel of the lake are many coves, suited for fishing. The lake is deeper than other major lakes in Illinois, so it is popular with boaters during the summer.

There are full-service marinas, resorts and campgrounds on the lake. There are three full service marinas in business: Findlay, Lithia Springs, and Sullivan Marina. Findlay Marina is located north of Marker 5 just past the bridge on the west side of the lake. Sullivan Marina and Campground is located 4 miles south of Sullivan and includes hotel suites. Lithia Springs Marina is located on the southern end of Lake Shelbvyille.

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Park Information

Community Type: All Age
Number of MH Lots: 86
Total Occupancy: 100.0 %
Year Built: 1995
Average MH Lot Rent: $1,500
Size: 18 acre(s)

Financial Information (Actual)

Gross Income: $168,380
Operating Expense: $41,338
Net Operating Income: $127,042
Expense Ratio: 24.6 %

RV Information

Number of RV Lots: 86
Average RV Lot Rent: $1,500

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

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