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Colonial Estates

Mobile Home Park for Sale in Sandoval, Illinois

3540 Old Route 51
Sandoval, IL

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Mobile Home Park for Sale

Number of MH Lots: 57
Size: 8.4 acre(s)
Purchase Method: Cash, New Loan
Status: Sale Pending
Property ID: 966725
Posted on: Jul 09, 2018
Updated on: Aug 07, 2018

Property Description

Featuring all-city park infrastructure with value-add opportunity for the savvy investor, Colonial Estates offers immediate cash flow with room to develop.

City water, city sewer, and city-maintained roads give you peace of mind. The park has 57 licensed lots with 12 park-owned homes, 9 tenant-owned homes, 4 storage lots, and 32 vacant lots which are ready for new homes.

The park owned homes rent for $345 per month and the lots themselves rent for $188.88.

Solid location across the street from a golf course, 7 miles from the nearest Super Wal-Mart.

Room for the investor to solidify a 30% plus cash-on-cash return within the first 30 days; park isn't marketed, has no signage and no website. In addition, the water isn't individually metered and the rents do not reflect the water use. Individually metering the existing homes and cutting the water expense line gives an ample jump to cash on cash return, and in turn, increasing the overall property's value as it shows a fatter net operating income.

Ample room to expand the park's rental base with the additional licensed lots, and the ability to increase income streams using the storage buildings or other expansion projects on the generous 8+ acres that come with the property.

This property has tons of potential for investors of all stripes. Experienced investors will appreciate the all-city infrastructure and room to value-add, the beginner will find an appealing entry point at this price with room to re-invest cashflow into the park's expansion.

The attached property report has all accurate income and expenses, but please check the notes in the report to see how I arrived at all the numbers.

Location Description

While technically in Sandoval, IL, this park is located just outside of the main thrust of Sandoval and is quite close to Centralia and Central City.

Park Information

Number of MH Lots:57
Total Occupancy:36.8%
Year Built:1962
Average MH Lot Rent: $190
Size:8.4 acre(s)

Lot Information

Singlewide Lots:57

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:12
Average Rent for Park-owned Homes: $345

Amenities and Other

Storage: Yes