Charleston, IL area MHP Portfolio 0 Court Lane 47 Unit Mobile Home Park $850,000 ($18,085/Unit) 9.49% Cap Rate Ashmore, IL 61912

The Charleston, IL area MHP Portofolio is a three park portfolio in east central Indiana. The three properties are managed by a husband/wife team that provides both management as well as maintenance. They live onsite in the MHP in Ashmore. The other two properties are located within 19-miles of Ashmore and they have effectively managed all three locations for the past two years.
Green Acres MHP (Ashmore, IL)
Green Acres Home Park is a peaceful 24-pad affordable home community located on 6.30 acres on the outskirts of Ashmore, IL (Charleston–Mattoon Micropolitan Statistical Area.) The park was developed in 1978. The property is zoned commercial and the park is presently in compliance. The park is not located in a flood zone. The park has a husband/wife team that serve as the manager and maintenance man who live onsite.
The pads will accommodate 70 foot trailers. The park has one oversized 80 foot trailer that extends over a couple of feet each direction. There are three vacant trailers that either need to be removed or renovated (whatever suits your park model best). Of the 24-pads in the park, fifteen are occupied. Twelve are TOH's averaging $350/month. There are currently three POH's averaging $715/month. There is a 40' x 28' shed on the property that the manager uses in exchange for payment. There are currently nine vacant pads. The rent for the TOH's has not been raised since 2020. The park utilizes utilizes leases. Currently none of the tenants are behind in rent. Tenants pay rent by Cashapp, venmo, or check.
Green Acres Mobile Home Park is on city water and city sewer. The underground pipe material consists of a combination of plastic with PEX for the laterals. The electrical pedestals are 100 amps. The park has water, electric meters & gas meters to each pad. The tenant is direct billed by the provider for electric & gas, and back billed for water (Metron meters). The roads through the park are a combination of asphalt & gravel and 3/4 of the road is maintained by the city (up to lot #22). The tenants are responsible for mowing their own space. The park mows the empty pads and common spaces. The city takes care of snow removal (as needed).
Westfield MHP (Westfield, IL)
Westfield Mobile Home Park is a smaller 13-pad affordable home community located on 2.60 acres on the outskirts of Westfield, IL (Charleston–Mattoon Micropolitan Statistical Area.) The park was developed in 1978. The property is zoned 0040 (improved lots) and the park is presently in compliance. The park is not located in a flood zone.
The pads will accommodate 70' foot trailers. A couple of pads will accommodate 80' foot trailers. There are no vacant trailers that either need to be removed. Of the 13-pads in the park, three are occupied. Two are TOH's averaging $350/month. One is a RTO averaging $550/month. There is a 20' x 24' shed on the property that the owner uses to store equipment and skirting. There are currently ten vacant pads. The park utilizes utilizes leases, as well as one RTO annual lease. Currently none of the tenants are behind in rent. Tenants pay rent by Cashapp, venmo, or check.
Westfield Mobile Home Park is on city water. The park is currently using a septic system but that is expected to be phased out within the next couple of years. The city has received a $5 million dollar grant to put in a public treatment system. The underground pipe material consists of a combination of black plastic for the water, and schedule 40 PVC for the septic. The electrical pedestals are 100 amps. The park has water, electric meters & gas meters to each pad and they are all billed directly from the provider. The roads through the park are a combination of asphalt & gravel and the road is maintained by the city. The tenants are responsible for mowing their own space. The park mows the empty pads and common spaces. The city takes care of snow removal (as needed).
Mock MHP (Toledo, IL)
Mock Mobile Home Park is a smaller 10-pad affordable home community located on approximately 2.42 acres on the outskirts of Toledo, IL (Charleston–Mattoon Micropolitan Statistical Area.) The park was developed in 1978. The property is zoned 0061 (vacant commercial lots) and the park is presently in compliance. The park is not located in a flood zone.
The pads will accommodate 70' foot trailers. There are no vacant trailers that need to be removed. Of the 10-pads in the park, three are occupied TOH's averaging $383/month. There are currently seven vacant pads. The park utilizes leases. Currently none of the tenants are behind in rent. Tenants pay rent by Cashapp, venmo, or check.
Mock Mobile Home Park is on city water and city sewer!!! The underground pipe material is plastic. The electrical pedestals are 100 amps. The park has water, electric, & gas meters to each pad and they are all billed directly from the provider. The roads through the park are a gravel and the road is maintained by the park. The tenants are responsible for mowing their own space. The park mows the empty pads and common spaces. The park takes care of snow removal (as needed).
Location:
Here are the largest employers in Coles County:
•Sarah Bush Lincoln Health Center (2447 employees)
•Eastern Illinois University (1250 employees)
•Lake Land College (400 FT, 571 PT employees)
•Rural King (600 employees)
•Mattoon School District (432 employees)
•Charleston School District (300 employees)
•Consolidated Communications (292 employees)
•First Mid Bank & Trust (270 employees)
•Blue Cross Blue Shield (225 employees)
•Spherion (221 employees)
•Coles County (180 employees)
•Mars Petcare (140 employees)