Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

MR LANDMAN LLC

CONTACT BROKER

Price: $450,000
Purchase Method: Cash, New Loan
Cap Rate: 8.5%
Listing ID: 4829635
Posted On: Mar 20, 2024
Updated On: Mar 27, 2024

Description

Fairview Mobile Home Park is a 42-pad mobile home community located on 2.90 acres in Taylorville, IL. The park was developed around 1960 and has remained active since that time. The property is zoned commercial and is legally conforming. The park is not located in a flood zone. The park has an on-site manager who doubles as the maintenance man. The pads are approximately 36' to 70' feet in length (varies by street). There are no vacant trailers that need to be removed. Of the 42-pads in the park, one is a POH averaging right at $330/month (in addition to lot rent). 20 of the 42-pads are TOH's averaging $225/month. The rent was last raised in August of 2023. The park utilizes annual leases that morph into month/month after the first year.

CITY WATER & CITY SEWER!!! Fairview MHP is on city water & city sewer. The underground pipe material is unknown. The electrical pedestals vary between 50-100 amp depending upon the particular pad. The park has electric, gas, & water meters to each pad. The tenants is direct billed by all utility providers. The roads through the park are a variety consisting of asphalt, chip/seal, and gravel. The owners classify the road condition as "fair". The roads are maintained by both the city & the park owner depending upon the location. The tenants are responsible for mowing their own pads. The park mows the empty pads and common spaces. The park contracts out snow removal with a 3rd party vendor.

The park owners have not owned this property for an extended period of time, but they have done a lot of heavy lifting to bring the park back to where it is today:

•Demolished multiple abandoned homes
•Removed problem tenants
•Added a new entry sign to the park
•Added a nice playground
•Painted several homes to freshen up the exterior

When asked what items would they continue to improve upon if they continued to own the property:

•Bring in new trailers and/or RV's for additional income.
•Paint the exterior of additional homes to continue the work of giving the park a fresh look.

Location

Taylorville is a city in and the county seat of Christian County, Illinois. The population was 11,246 at the 2010 census, making it the county's largest city. Taylorville is served by Illinois Route 29, Illinois Route 48 and Illinois Route 104. (by closest major city) Illinois Route 29 connects Taylorville to Springfield Illinois, Illinois Route 48 connects Decatur Illinois including highway access to US Highway 51 to Pana Illinois and/or Champaign Illinois via Interstate 72, and Illinois Route 104 connects Taylorville to Jacksonville Illinois.

Taylorville is located:

27 miles from Springfield, IL
28 miles from Decatur, IL
91 miles from St. Louis, MO
211 miles from Chicago, IL

The median home cost in Taylorville is $97,900. Home appreciation the last 10 years has been 33.9%. Home Appreciation in Taylorville is up 11.6%.

Renting a two-bedroom unit in Taylorville costs $810 per month, which is 43.4% cheaper than the national average of $1,430 and 55.6% cheaper than the state average of $1,260.

Taylorville, IL is an increasingly popular area for employment. The job growth rate in Taylorville is 2.44%, which is lower than the national job growth rate of 30.54%. However, the unemployment rate in Taylorville is 4.8%, which is lower than the US unemployment rate of 4.1%.

The crime rate in Taylorville, IL is lower than the US average. Specifically, the violent crime rate in Taylorville is 8, which is significantly lower than the US average of 22.7. Similarly, the property crime rate in Taylorville is 24, which is also lower than the US average of 35.4. This indicates that overall, Taylorville is a relatively safe place to live and has a low crime rate compared to other parts of the country.

Although Taylorville has some limited manufacturing jobs and a state prison, the majority of the residents commute to work in Decatur or Springfield. Here is a list of the largest employers in Decatur:

•Archer Daniels Midland (4,000 employees)
•Caterpillar (3,100 employees)
•Decatur Memorial Hospital (2,300 employees)
•Decatur Public Schools (1,800 employees)
•HSHS St. Mary’s Hospital (1,000 employees)
•Millikin University (600 employees)
•The Kelly Group (600 employees)
•Akorn Incorporated (600 employees)
•Tate & Lyle (600 employees)
•Ameren Illinois (600 employees)
•Norfolk Southern (500 employees)

In addition to Decatur, nearby Springfield, IL (the capital of Illinois) is a very stable economy offering many state jobs. Here is a list of the largest employers in Springfield:

•State of Illinois (17,800 employees)
•Springfield Public Schools (2,130 employees)
•University of Illinois Springfield (1,642 employees)
•Southern Illinois University School of Medicine (1,470 employees)
•City of Springfield (1,410 employees)
•Sangamon County (650 employees)
•Illinois Army National Guard (642 employees)
•Lincoln Land Community College (620 employees)

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