Many of you will remember me circulating this park in the early spring of 2021. This park was placed into a holding pattern due to the tragic passing of one of the owners. The surviving owner has worked extremely diligently to get the train back on the tracks, compile records & due diligence materials, and get bids on infrastructure improvements. A professional property management company was hired, and for the first time in a number of years the park is once again collecting rent from all but one tenant. We are also including the neighboring acreage this time (that was going to be surveyed out previously). We have also lowered the asking price by almost $267,000 with the adjusted financials.

Park Meadowland West (PMW) is a 39-pad mobile home community located NW of Belvidere, IL, approximately ten miles east of Rockford, IL. The parcel contains 12.70 acres. The sellers believe the park was constructed in the early 1960's. PMW is currently zoned Ag-1 and is operating under a special use permit that will transfer to the new owner. PMW has been at 100% occupancy level for a number of years now, and 100% of the trailers located in the park are owned by the tenants. The pad rental rate was raised to $400/month starting on April 1st, 2021.

The water storage system utilized by the park is functioning, however it is older and nearing the age of needing to be replaced. The owner has received a bid to move the system above ground, buy a new tank, & build a shed to protect it from the elements. The seller will be giving a credit for the cost of this work at closing. This is not a requirement that has been established by any local, county, or state regulators. This is a generous seller that doesn’t want to leave the next ownership group with a potential problem.

PMW is located in a rural area outside of Belvidere. As a result, the park is on private utilities (well & septic). Due to the rural location the community operates with little impunity from government officials. The park utilizes a pressure tank and has two separate leach fields. The park switches leach fields seasonally, and as a result it is a very efficient system that would also allow the park to continue to function in the rare event of a septic failure. The park also has a newer Generac generator to power the well pump in the event of a power failure that has been purchased but needs to be installed.

Each pad has electric & gas meters with the tenants being direct billed by the electric supplier. The majority of the underground pipes have been replaced with PVC. The road is made of asphalt and is in decent shape for the most part with a few potholes. Each tenant is responsible for mowing their own individual pad. There are not any vacant trailers that need to be removed from the park, and there are not any trailers held for back taxes to the best of the sellers understanding. PMW is presently an all-age community.

The park has been owned by the current ownership group since 2006. This is a wonderful opportunity to buy a mobile home park with outstanding cashflow, that still has value add opportunities present with additional rental rate adjustments, and with a fairly large population base in close proximity.