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Address is 225 S. Barnett Street Nauvoo, IL 62354

Jon Fisher

Coldwell Banker (IL) Halderman's Real Estate (IN)

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Nauvoo Mobile Home Village

Multi Family Housing for Sale in Nauvoo, Illinois

225 S. Barnett Street
Nauvoo, IL 62354

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Sale Price: $395,000

Contact Information

Jon Fisher
Coldwell Banker (IL) Halderman's Real Estate (IN)

Mobile Home Park for Sale

Number of MH Lots: 24
Size: 3.9 acre(s)
Purchase Method: Cash, New Loan
Status: Active
Property ID: 977221
Posted on: Aug 07, 2018
Updated on: Sep 21, 2018
Price: $395,000

Property Description

This is a listing for a classic “mom and pop” mobile home park in historic Nauvoo, IL. The park owner, Maggie, is 75 years old and wants to retire full time to her residence in Phoenix. She has owned this park for 40 years! For those of you not familiar with Nauvoo, it was the one of the original settlements of the Mormon Church. The city of Nauvoo recently allocated a large sum of money to rebuild the original Mormon tabernacle, and as a result of this renovation, property taxes is this small farming community have raised quite a bit; making manufactured housing look more appealing to escape the property taxes of Hancock county.

The park has 24 pads which are currently 91% occupied. This park will sell with three parked own homes (two of which rent for $550/month, and the third is the owner’s residence). There are currently 19 tenant owned homes at the park and they are each paying $220/month for lot rent. The last rent increase was over two years ago. If you do not want to purchase the park owned homes you can subtract $45,000 from your offer and we will sell them privately.

The park also has a full acre inside the exterior ring of homes that could be developed into further pads with minimum investment. This could probably be a 35-40 pad community in short order.

The park is on city water and city sewer. Each pad has its own electric & gas meters. Unfortunately the park does not have water meters at each pad and this is an area that the new owner will need to address. The average monthly water bill at the MHP is over $1,275 month…this is $15,500 (the largest expense of the park) that the current owner is losing out on revenue. The new owner will most likely want to put in individual meters or charge the tenants a pro-rated share of the monthly water bill.

At 90% occupancy rate the park should generate around $55,000 to $65,000 in rental revenue annually (at current rental rates).

Maggie would like to return to her Phoenix area home by mid-fall. Emphasis will be placed on short due-diligence periods in the event of multiple offers as she wants to have the park closed before she heads south.

Park Information

Number of MH Lots:24
Total Occupancy:91.0%
Year Built:1966
Average MH Lot Rent: $220
Size:3.9 acre(s)

Lot Information

Singlewide Lots:23
Doublewide Lots:1

Utility Information

Water:City
Water Paid By: Park
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:3
Average Rent for Park-owned Homes: $550