Do you have anything bigger??? I’ve listed a lot of smaller parks over the past three months and many of you keep asking me for bigger ones. Well here you go! Lakeland Estates is a 91 pad mobile home park that sits on 9.55 acres in Mattoon, IL…just west of Lakeland Community College and Interstate 57. Mattoon-Charleston has approximately 40,000 residents. Charleston is roughly 10 minutes away from Lakeland Estates and is home to Eastern Illinois University and its 7,000 students. Lakeland Community College is less than a mile away and has over 5,000 students. Lakeland and EIU together employ over 3,000 local residents. Other key employers include Sarah Bush hospital, Rural King Corporate, & Consolidated Communications. Plenty of jobs in the surrounding community!
Of the 91 pads in Lakeland Estates, 28 are currently occupied (31% occupancy rate). The park is on CITY WATER & CITY SEWER! The park currently has 24 TOH’s that are paying $230/month. The park has 4 POH’s that are paying $530/month. Rent has not been increased in over three years. Each pad has its own electric, water, & gas meters. The park pays the water/sewer and charges back to tenants…and right now it is only recovering about 60% of that expense. The park currently offers few amenities so the addition of playground equipment, sidewalks, and a community picnic area would help to dress the place up, and make it more competitive compared to other parks in the vicinity. The road is oil & chip and is in average condition. The owner maintains the roads, mows the common areas and vacant pads, and removes snow on larger snowfalls. There are approximately 3-4 vacant trailers that need to be removed from the park. At the present time there are 2 tenants behind in their rent. The park is in a rural location so no pressure from local governing bodies regarding zoning or compliance issues.
Due to the low occupancy level of the park at the present time, this park might benefit greatly from a POH program. With the parks expenses basically being consistent, the addition of 20 POH’s would increase annual revenue in excess of $50,000 annually while adding very little operating expense! I feel this park is in a great location…and at just over $6,000 per pad it is priced for the next owner to afford to make park improvements and capture “value added” opportunities. This park has so much to offer the next ownership group who has experience in turnaround situations, and capital for POH programs.
