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Property Description

• Lakeland Estates MHC is an all-age, 2-star manufactured home community serviced by public utilities. The community features off street parking, shaded trees throughout, and has a low percentage of park-owned homes, representing less than 5% of sites. • Value-add opportunity to continue filling sites to increase occupancy as the property is only 33.7% physically occupied. There is tremendous demand for affordable housing in the area. The average household income is approximately $55,790 within a five-mile radius. • The park could benefit substantially from the implementation of a home program. Bringing economic occupancy to 50% by filling just 16 sites would add $43,000+ in annual site rent with minimal increase to expenses. • Nearby communities average 74% occupancy, demonstrating the tremendous demand for affordable housing. A new owner may consider improving the amenities at the park by installing sidewalks, playground, picnic area, horseshoe pits, etc. to compete with these communities and attract residents. • The property is currently billing back for water/sewer but is only recovering 60%. Considerable opportunity for new buyer to increase bill back rates as the industry standard is higher. • The property is located less than a mile from Lake Land College's 308-acre campus which serves over 5,000 full time students in various two-year degrees. Eastern Illinois University is also located within a 15-minute drive from the property and serves over 7,000 students. Together, the two colleges employ over 3,000 local residents. • With an asking price of under $6,000 per lot, this provides a buyer with an incredible basis in the property that is significantly below replacement cost.

Mobile Home Park Details

  • Price: $550,000
  • Property ID: 964684
  • Posted on Jul 2, 2018
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Park Information

Community Type: All Age
Number of MH Lots: 92
Size: 9.6 acre(s)

Map

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