Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing
  • Property ID: 998659
  • Posted On: Oct 13, 2018
  • Updated On: Oct 15, 2019

Property Description

If you’re looking for a park to come in and fix up…this one’s not for you. This is without a doubt the most professionally managed MHP that I have come across during my time as a broker. Pad rental income alone has risen 266% since the current owner purchased the park back in 2006. The owner (age 71) has recently decided to retire and travel the country.

Tuscola is NOT your typical small Illinois farm town. Although only boasting a population of around 10,000 residents, it offers some very unique characteristics. First off it is rich in transportation assets due to its centralized location. It is positioned at the Intersection of Interstate 57, US Hwy 36, & US Hwy 45. It is centrally located between the larger communities of Champaign, Decatur, and Mattoon-Charleston. Tuscola is home to a Tanger Outlet Mall, and also has several large industrial enterprises (and more coming).

The park sits on eight rural acres on the southwest corner of Tuscola, IL. It currently has 27 mobile home pads & 15 RV sites on the premises. It is one of the few parks that offer year round parking of RV’s. The park has had four years where it was full of RV’s for all twelve months. There are five natural gas and oil pipelines within a couple of miles of the park. Many of the work crews on those pipelines will stay in RV’s as $18/night is cheaper than a $100/night hotel. Cronus fertilizer is set to begin construction of its $1.9 Billion Dollar Fertilizer plant in 2021 or 2022. Once construction of the Cronus plant begins, one would expect to hit the lottery with high paying professional and union laborers looking for short-term housing options nearby. Also a new wind farm has been proposed for Douglas County, and it is in final stages of being approved by the county. This will also bring in a large number of workers for this project.

So here’s the skinny on the park:

27 pads of which 26 are currently occupied with long term renters (96% occupied)
10 park owned homes which rent for average of $600/month
16 pad rentals which rent for $195/month (no rate increase since Sept of 2009!)
15 RV sites which rent for $550/month (no rate increase since 2012!)
“Like new” doublewide (owner currently lives in) should rent for $800/month
Only THREE evictions since 2006!

The park has city water that is individually metered and billed back by the park with margin to cover cost of sewer expense.
The sewer plant is park owned and it was designed by the University of Illinois (Two pumps).
Paved roads are in outstanding condition.
Each pad has its own meters for natural gas & electric.
Homes with peaked roofs over 70%
Homes with lap siding 100%
Multi-section homes 10%
No age restrictions on residents
Off-street parking

Also selling with the MHP:
THREE ACRES OF FARM GROUND!!! (Park could be expanded or storage units placed here for additional income sources)
Six car garage (used as park office and warehouse/repairs)
Mower and all inventories of equipment & tools

Owner wishes to sell the park on contract to help with tax planning.

We are asking for a MINIMUM of a $1,000,000 down-payment on the park. After the initial down payment we are a little bit more flexible on terms. We would prefer something in that 5-7 year range. Owner will serve as a consultant should you desire. Owner has also expressed interest in the possibility of him moving in a trailer in the final open slot (paying rent) and living there at various times throughout the year as he comes into town to visit friends and family...or possibly continuing to rent the doublewide house he currently resides in. Please provide proof of finances when submitting a contract or a LOI. If you have previously purchased on contract before we would also like to see references on prior projects.

What a terrific opportunity to buy a MHP that is high performing, clean, and in a growing industrial market. Come with offers quickly on this one as I do not believe this park will be on the market for long.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 27
Total Occupancy: 96.0 %
Year Built: 1970
Average MH Lot Rent: $190
Size: 8.0 acre(s)

Lot Information

Singlewide Lots: 24
Doublewide Lots: 3
Triplewide Lots: 0

RV Information

Number of RV Lots: 15
Average RV Lot Rent: $550

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: Treatment Plant

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $600

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