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

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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

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