Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 9.4%
Listing ID: 4284221
Posted On: Jan 16, 2024
Updated On: May 9, 2024

Description

Estes Park is a 38-pad MHP & Storage facility located on 3.62 acres in Geneseo, IL. The age of the park is not known by the current owner. The park is zoned R-5 and is believed to be in compliance. All of the tenants pay their rent online or mail in payment to the owner. The park has an on-site manager as well as a maintenance man.

In addition to the 38-pads, this park also has an approximately 1,600 square foot building which the seller has plans drawn to convert into an apartment. This could also be rented out for storage but long term that would limit income in comparison to an apartment.

The pads at Estes Park average 12' x 55'. There is presently one home that need to be removed from the property. All of the occupied homes in the park are owned by the tenants. There is currently one POH that is vacant. There are 33 TOH's in the park (86% occupied). The rent on these currently range from $270-$345/month. There are no vacant trailers being held for back taxes. The park utilizes leases.

City water & city sewer! The waterlines are primarily PVC for the water and Orangeburg for the sewer. (SELLER WILL BE OFFRING A $135,000 CLOSING COST CREDIT FOR REPLACING THE ORANGEBURG). The electrical pedestals are believed to be 100 amp to each pad. Residents are billed directly for their electricity, gas, & water, by their respective providers. The park pays for garbage removal. The roads are considered to be in "ok" shape are asphalt. The park maintains the roads. The tenants are required to mow their own space and the park takes care of the common areas. The park moves snow when needed.

Location

Geneseo is a city in Henry County, Illinois. As of the 2020 census, the population was 6,539. Geneseo is 20 miles east of the Quad Cities, at the intersection of Interstate 80, U.S. Route 6 and Illinois Route 82.

Geneseo is located:

24 miles from Moline, IL
28 miles from Davenport, IA
47 miles from Galesburg, IL
76 miles from Peoria, IL
82 miles from Iowa City, IA
159 miles from Chicago, IL

The unemployment rate in Geneseo is 5.9% (U.S. avg. is 6.0%). Recent job growth is Positive. Geneseo jobs have increased by 2.2%.

Compared to the rest of the country, Geneseo's cost of living is 23.2% lower than the U.S. average.

Geneseo's population is 6,774 people. Since 2020, it has had a population growth of 1.3%.

Average Commute time is 22.0 minutes. The National Average is 26.4 minutes.

Geneseo, IL is highly ranked as a great place to live according to BestPlaces. The city has an overall rank of #42 out of 10,738 cities and towns in the United States. This overall rank takes into account a variety of factors including cost of living, crime rates, public schools and local amenities. Housing costs in Geneseo are 6 percent lower than the national average and crime rates are also lower than the national average. Education-wise, Geneseo has some top-rated schools, with test scores being above state averages for both elementary and secondary schools. Furthermore, Geneseo has numerous amenities available that residents can enjoy such as parks, golf courses and recreation centers. All these aspects together make Geneseo an attractive option for those looking for a great place to live.

Henry County is a county located in the U.S. state of Illinois. The 2020 United States Census, listed its population at 49,284. Its county seat is Cambridge.

Henry County is included in the Davenport-Moline-Rock Island, IA/IL Metropolitan Statistical Area.

Here are the largest employers in Henry County, IL:

•Farmers (2,147)
•Henry County Schools (1,500)
•Great Dane (600)
•City of Kewanee (500)
•Hammond Henry Hospital (460)
•Springfield Armory (300)
•Walmart (250)
•Kone, Inc (190)
•Wyffels Hybrids (182)

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Get Financing