Mobile Home Park Details
- Cap Rate: 9.5%
- Listing ID: 3468484
- Posted On: Jul 31, 2023
- Updated On: Oct 16, 2024
Description
Jennifer Stein Real Estate, Inc. | Broker of Record
MFI Commercial | Cooperating Broker
98 Lot MH Park | 78% Occupancy
- 59 Park owned homes | 13 Vacant | $377-$650 | 1962 - 2011
- 20 Park Under Contract (RTO) | $275 - $300
- 11 Tenant Owned Homes | $300
- 8 Vacant Lots
- City Utilities (water, sewer, and gas) | Billed Back to Tenants
- Electricity | Directly Billed to Tenants
- Trash | Included
- Roads throughout the community repaved in 2020
- Upside filling vacancies - new developments in the city will greatly increase the local population!
-Total Estimated POH Value - $455,000
Location
Tan Tara Estates is located in Murphysboro, IL, a city on the rise. Murphysboro is currently undergoing significant development, which is expected to bring a surge of jobs and new residents to the area
Location Highlights:
• A direct flight from ORD-Marion is set to launch in August,
improving the city's connectivity.
• A new state-of-the-art Amtrak station being built in the city
center, improving the city's connectivity. .
• The construction of Walker's Bluff, a multimillion-dollar casino.
• The city's comprehensive plan, "Murphysboro 2031"
• Easy Access to Routes 13, 127, and 149
Distance | To
• 21 miles | Williamson County Regional Airport (MWA)
• 50 miles | Cape Girardeau Regional Airport (CGI)
• 76 miles |St. Louis, MO
• 185 miles | Memphis, TN
• 178 miles | Nashville, TN
Park Information
| Number of MH Lots: | 98 |
| Total Occupancy: | 78.0 % |
| Average MH Lot Rent: | $300 |
| Size: | 15 acre(s) |
Financial Information (Actual)
| Gross Income: | $463,457 |
| Operating Expense: | $178,039 |
| Net Operating Income: | $285,417 |
| Expense Ratio: | 38.4 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 59 |
| Average Rent for Park-owned Homes: | $550 |
