Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.0%
- Listing ID: 537651
- Posted On: May 31, 2015
- Updated On: Jun 14, 2017
Description
Rolling Meadows MHC is a 103-space mobile home park built in two phases starting in 1968. I have been the owner since 2001 at which time I made many renovations. We are on city water and an efficient lagoon system for sewer. Extremely trouble-free lagoon system with never any issues noted by the EPA. Three inch water pipes throughout. Six inch sewer pipes throughout with four inch risers. Roads are all chip and seal and repaired with gravel. Electric/Gas, cable, and phone lines are all underground. A newer office and two-car garage were built in 2001 with lots of extra storage. The garage is used for storage and a repair shop for equipment used at Rolling Meadows. I only own four of the mobile homes in the community. All other homes in the mobile home community just rent their lots for $200 per month which includes water, sewer, and trash service. I have had an on-site manager for the last 8 years collecting rent, mowing, making minor repairs, handling tenant problems, etc. Rolling Meadows fluctuates around 75% occupancy. I have had as high as 90% occupancy since I've owned the mobile home community.
I am sole owner and this year moved 5 hours north of Mt. Vernon for a School Administration position. Thus we would like a quick sale.
Location
Rolling Meadows is located three miles North of Mount Vernon, IL (16,500 population) on Hwy 37 and right in the Middle of Jefferson County (Aprox. 40,000 Population). Continental Tire's Largest Plant with over 3,500 employees is here in Mount Vernon, IL. They have been constantly expanding this facility over the last 10 years. Other large employers include National Railway and a very large Walgreen's Distribution Center. Mt Vernon is located at the intersection of I-57 and I-64. The new St. Mary Good Samaritan Hospital, built in 2013, is the largest regional hospital in Southern IL is also here in Mt. Vernon, IL. Mt. Vernon High School is state of the art built in 2016, Employment here is better than the national average.
Amenities
- Storage
- Handicap Accessible
Park Information
Community Type: | All Age |
Number of MH Lots: | 103 |
Total Occupancy: | 75.0 % |
Year Built: | 1968 |
Average MH Lot Rent: | $200 |
Size: | 49 acre(s) |
Financial Information (Actual)
Gross Income: | $143 |
Operating Expense: | $70 |
Net Operating Income: | $73 |
Expense Ratio: | 49.0 % |
Debt Info: | $380,000 Loan US Bank |
Lot Information
Singlewide Lots: | 5 |
Doublewide Lots: | 97 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | Treatment Plant |
Park-Owned Homes
Number of Park-owned Homes: | 4 |
Average Rent for Park-owned Homes: | $450 |