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Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 900505
Posted On: Feb 23, 2018
Updated On: May 28, 2018

Description

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http://fineandcompany.com/auctions/property/cortland-manufactured-housing-community

Cortland Manufactured Housing Community

Currently operating 81 rentable mobile home sites. There are 18 additional MH sites and a 3 unit apartment complex currently off line due to capacity limits of the current septic system. City water and sewer may be accessible to the community, but arrangements must be made by the future owner for such services.

See the Auction Offering Memorandum and Bidder’s Information Packet for details related to the on-site septic system which has had a history of non-compliance issues and the resolutions to these conditions which requires the on-site septic system be pumped and hauled off-site for disposal.

As part of the 2014 agreement addressing the septic issue, ownership contracted with a licensed sewage disposal professional, abandoned one of the leach fields and permanently removed the manufactured homes from 18 sites connected to such leach field as well as 3 apartment units in the structure which also housed a leasing office, leaving 81 sites in operation.

Located in DeKalb County approximately 40 miles west of Naperville and southeast of Rockford. Cortland is known for its hometown living in a warm community atmosphere. Cortland is the third largest town in Illinois and projects its population to swell from 4,000 to more than 15,000 in the next decade.

The property offers:

2017 NOI - $187,000
Paved asphalt and concrete sidewalks
Two entry drives on newer chip & tar streets
Parking area lighting
500’ frontage on Somonauk Road
Maintenance garage
Central mailbox kiosk
Private well and septic system

Inspections: 10:30 A. M. - March 12, 27, & April 3. Please note: Inspections begin promptly. Please give us a call Michael A.Fine, CCIM, CAI, AARE 312.278.0600 extension 101 in advance of the inspection to let us know you will be attending and to send you more information.

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http://fineandcompany.com/auctions/property/cortland-manufactured-housing-community

Location

Cortland MHC is a diamond in the ruff. Located near DeKalb, Sycamore and Hickley Illinois, at the northwest corner of State Route 38 and Somonauk Road lead to the historically high occupancy of this community. It’s location next to a new townhome development raises the potential alternative uses in the future.

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