Mobile Home Park Details

Listing ID: 6705464
Posted On: Aug 26, 2024
Updated On: Oct 17, 2024

Description

RI MARKETPLACE ONLINE AUCTION OCT 14-16
REGISTER TO BID HERE:
https://rimarketplace.com/auction/2123/parktown-mobile-home-community-st.-louis-mo-msa?utm_source=mhpstore&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2123

Investment Highlights

81-Site Mobile Home Park Community Located in Granite City, IL (±15 minutes from downtown St. Louis, MO)
Substantial Value-Add Potential!
In-Place NOI = ±$136,000 (at just 51% occupancy)
Stabilized NOI = ±$311,000
Features the lowest lot rents in the area, providing safe, clean, quiet, and affordable living in Granite City, IL
Conveniently situated only 15 minutes from downtown St. Louis, with numerous employment and retail options nearby.
±200,000 people live within 10-miles of the subject property with $60,000 average household incomes

Property Overview

Friedman Real Estate, in conjunction with RI Marketplace, is pleased to offer the exclusive marketing and sale of the Parktown Mobile Home Park, a ±81-site community located in Granite City, IL, just ±15 minutes from downtown St. Louis, MO. Currently ±51% occupied, the property has an in-place NOI of about $136,000. With the lowest lot rents in the immediate area, there is considerable potential for value enhancement, allowing a new owner to raise rents and explore additional revenue opportunities. The projected stabilized NOI is approximately $311,000 per year. Conveniently located near downtown St. Louis, the property benefits from proximity to a range of employment and retail options. The surrounding area, with approximately 200,000 residents within 10 miles, features an average household income of $60,000, making it an ideal demographic for mobile home communities.

Scott Bowers
c/o Fisher Auction Company Inc.
License: 040000273

Location

Granite City, Illinois, is a dynamic city located just across the Mississippi River from St. Louis, Missouri, making it an integral part of the St. Louis metropolitan area. Known for its industrial roots and close-knit community, Granite City boasts a robust manufacturing sector and a variety of local amenities. Its proximity to St. Louis provides residents with convenient access to the city’s extensive cultural, economic, and recreational offerings while benefiting from a more suburban lifestyle. The easy connection to St. Louis enhances Granite City's appeal, offering a blend of small-town charm with the vibrant opportunities of a major metropolitan area.

St. Louis, Missouri, is a bustling city located on the western bank of the Mississippi River, known for its rich history, vibrant culture, and iconic landmarks. As the largest city in Missouri, St. Louis offers a diverse array of attractions, including the Gateway Arch, world-class museums, and a thriving arts scene. Its robust economy is driven by a mix of industries such as healthcare, education, and manufacturing. St. Louis serves as a major cultural and economic hub for the region, with its well-connected transportation network linking it to neighboring cities and beyond, making it a central point for both business and leisure in the Midwest.

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