Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

MR LANDMAN LLC

CONTACT BROKER

Price: $500,000
Purchase Method: Cash, New Loan
Cap Rate: 14.1%
Listing ID: 6739757
Posted On: Oct 1, 2024
Updated On: Oct 16, 2024

Description

Westville Estates MHP is a 15-site mobile home community located on 1.89 acres on the outskirts of Westville, IL. The park was developed in the 1960's and has served the community by offering an affordable housing option since that time. The property is zoned 0030 (Vacant Lots-Land/6 units). The park is not located in a flood zone. The park is presently managed by a professional property management company that is affiliated with the owner of the mobile home park. The management also currently handles all of the maintenance for the park.

The owner of Westville Estates does not have the exact dimensions of the pads, but each site is large and averages 0.12 acres/home. There are currently not any trailers that need to be removed from the premises. Of the 13 occupied pads in the park, all are POH's averaging $650/month. There are two vacant POH's that could be brought back online fairly easily. Rent is typically not raised after a tenant moves in so that may be a value-add component for the next owner. There is currently one tenant behind in their rent but not by a significant amount. The park utilizes annual leases for the majority of its residents with just two being month-to-month. The tenants currently pay their rent via App Folio.

Westville Estates is on CITY WATER & CITY SEWER! The underground pipe material is copper. The electrical pedestals are believed to be 100 amps. The park bills back the tenants for water & sewer currently. The park is also paying for Garbage removal. The tenants are direct billed by their respective providers for electric and gas). The road in front of the park is owned & maintained by the City of Westville. The park road is asphalt and are considered to be in good condition. The tenants currently mow their own pads and the park takes care of any common areas. The city handles snow removal on the road. The tenants are responsible for removing snow from their own drives but sometimes receive assistance from the city as well.

The owner has made some park improvements since taking over the park:

•13 out of the 15 trailers have been newly remodeled with new bathrooms, kitchens, floors, paint, fixtures, etc.
•All roofs were recently "Mopped" so they should be in good shape for many years to come.
•All of the water lines to each unit was replaced in 2017.

When asked what they would continue to focus on if they were not
selling the park:

•"We would renovate the last two trailers in the park that we haven't gotten to yet."

Location

Westville, IL, is a small village located in Vermilion County, approximately 10 miles south of Danville and near the Indiana border. The community benefits from its proximity to larger markets like Danville and Champaign while maintaining a rural, small-town atmosphere. Westville offers a strategic location for businesses seeking access to both local and regional markets via nearby highways, including Illinois Route 1 and Interstate 74.

The village has a population of around 3,000 residents, providing a stable labor force and a supportive local economy. Commercial real estate opportunities in Westville cater to small businesses, light industrial, and service industries. The area's affordability, combined with its quiet setting and proximity to larger urban centers, makes it an attractive option for investors looking for lower property taxes and operational costs.

The median home cost in Westville is $84,400. Home appreciation the last 10 years has been 46.3%. Home Appreciation in Westville is up 14.5%.

Renters make up 22.0% of the Westville population.

Westville has an unemployment rate of 6.9%. The US average is 6.0%.

Future job growth over the next ten years is predicted to be 17.5%, which is lower than the US average of 33.5%.

The Median household income of a Westville resident is $51,522 a year. The US average is $69,021 a year.

Westville violent crime is 16.3. (The US average is 22.7)
Westville property crime is 22.2. (The US average is 35.4)

Westville is located approximately:

10 miles south of Danville, IL
40 miles east of Champaign, IL
50 miles SW of Lafayette, IN
85 miles west of Indianapolis, IN
150 miles south of Chicago, IL

Vermilion County is a county in the eastern part of Illinois, between the Indiana border and Champaign County. It was established in 1826 and was the 45th of Illinois' 102 counties. According to the 2020 United States census, it had a population of 74,188. It contains 21 incorporated settlements; the county seat and largest city is Danville. Vermilion County is part of the Danville, IL Micropolitan Statistical Area, as well as the larger Champaign–Urbana–Danville Combined Statistical Area.

Here’s a list of some of the largest employers in Vermilion County, IL, along with their approximate number of employees:

•OSF Sacred Heart Medical Center (1,100 employees)
•Danville Community School District 118 (800 employees)
•VA Illiana Health Care System (1,000 employees employees)
•Watchfire Signs (400 employees)
•Viscofan USA, Inc. (500 employees)
•McLane Midwest (400 employees)
•Vermilion County Government (300 employees)
•AutoZone Distribution Center (300 employees)

These numbers can fluctuate slightly based on changes in the workforce and market conditions, but they provide a solid snapshot of the county's major employers.

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