Contact Information

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

MR LANDMAN LLC

CONTACT BROKER

Price: $475,000
Purchase Method: Cash, New Loan
Cap Rate: 7.4%
Listing ID: 6748753
Posted On: Oct 15, 2024
Updated On: Oct 15, 2024

Description

•ZERO accounts receivable!
•Steady occupancy levels!
•County maintained road!
•Under market pad rates!

Valley View MHP is an 18-pad mobile home community located on 5.00 acres in rural Quincy, IL. Despite being in a rural location it is only 2.8 miles away from Walmart and other popular shopping & dining destinations. The park was developed in 1970 and has served the community by offering an affordable housing option since that time. The property is zoned 0030 (vacant residential lots). The park is not located in a flood zone. The park is presently managed by a 3rd party property manager who will not be continuing in that role going forward due to time constraints with their business. The park has been utilizing a "greeter" and they have served well in that capacity and might be capable of additional responsibilities depending upon your management structure. The park does not have a maintenance man at this time.

The pad size varies, but the majority are approximately 37 x 90. There are currently not any trailers that need to be removed from the premises. Of the 18-pads in the park, 15 of the pads are TOH's averaging $275/month. There are currently three vacant pads in the park. The trailers are a mixture of 1990's, 2000's, and 2010's models. The last increase in pad rental was in May of 2024 when the rent was raised $30/month. Market rent in Quincy is $325/month. There are currently ZERO tenants behind in their rent. The park utilizes annual leases for its residents, however those convert into month-to-month leases after the original term.

PUBLIC WATER! Valley View South MHP is on Mill Creek Water and utilizes a 3-cell lagoon sewer (overseen monthly by a licensed engineer at $200/month) The underground pipe material is believed to be a combination of clay & PVC. The electrical pedestals are 100 amp. Residents are direct billed for electricity, & gas by the utility providers. The park is sub-metered for water and the tenants are back billed by the owners. Garbage is built into the lot and home rent. The park utilizes County roads that are blacktop and in good condition. The tenants mow their own pads and the park mows the common areas. The park assists with pushing snow as needed.

Since the current ownership has operated the park, they have made a number of improvements to the property:

1. Rebuilt part of lagoon dams.
2. Converted POH park model to TOH's
3. Added a park sign and landscaping.
4. Trimmed large trees.

When asked what improvements they would implement if they were to continue to operate the park going forward:

1. Raise rents to increase income
2. Bill back trash to the residents
2. Infill the three vacant pads

Location

Quincy, known as Illinois's "Gem City", is a city in and the county seat of Adams County, Illinois, located on the Mississippi River. The 2010 census counted a population of 40,633 in the city itself, up from 40,366 in 2000. As of July 1, 2015, the Quincy Micro Area had an estimated population of 77,220. Geographically, Quincy is the largest city and is the central hub of the Tri-State region, encompassing western Illinois, northeastern Missouri, and southeastern Iowa.

Quincy is located approximately:

110 miles from Springfield, IL
137 miles from St. Louis, MO
144 miles from the Quad Cities

In the fall of 2010, Forbes Magazine listed Quincy as the eighth "Best Small City To Raise A Family."

In 2014 the voters approved an $89,000,000 school referendum for the construction of four brand new schools and to completely renovate the high school.

The median home cost in Quincy is $144,300. Home appreciation the last 10 years has been 45.4%. Home Appreciation in Quincy is up 14.9% over the past year.

Renters make up 32.6% of the Quincy population.

The average 1-bedroom rental in Quincy rents for $650/month.
The average 2-bedroom rental in Quincy rents for $850/month.
The average 3-bedroom rental in Quincy rents for $1,080/month.

Quincy has an unemployment rate of 4.6%. The US average is 6.0%.

Future job growth over the next ten years is predicted to be 28.4%, which is lower than the US average of 33.5%.

The Median household income of a Quincy resident is $50,857 a year. The US average is $69,021 a year.

Quincy violent crime is 24.8. (The US average is 22.7)
Quincy property crime is 44.7. (The US average is 35.4)

Quincy is the hub of the Tri-State regions, encompassing western Illinois, northeastern Missouri, and southeastern, IA. Quincy has strong manufacturing roots and there are a number of large companies that provide economic stability to this general region. Quincy also has a strong hiring base for trucking, education, medical, & retail.

(listed in alphabetical order)

-Adams County (360)
-ADM (533)
-Blessing Hospital (3088)
-Blue Cross Blue Shield (910)
-Chaddock (240)
-City of Quincy (298)
-Gardner Denver (280)
-GatesAir (295)
-Hollister Whitney (326)
-Illinois Veteran’s Home (570)
-John Wood Community College (562)
-Knapheide Manufacturing (1350)
-Kohl Wholesale (408)
-Niemann Foods, Inc. (482)
-Phibro (150)
-Quincy Medical Group (1000)
-Quincy Public Schools (1200)
-Sunset Home (215)
-Titan International Inc. (750)
-Wis-Pak (170)