All Seasons & Autumn Oaks 104 Enterprise Dr 89 Unit Mobile Home Park $2,500,000 ($28,090/Unit) 7.56% Cap Rate Chenoa, IL 61726

All Seasons & Autumn Oaks are a pair of immaculate mobile home parks located adjacent to one another (separately licensed) on 18.61 acres in Chenoa, IL (81-pads currently and already zoned for an additional 100-pad expansion). Autumn Oaks is a 55+ community, and All Seasons is an all age community. The parks were established in the 1990's. These parks are actually owned by a church, so profit has not been the primary focus during the time that they have owned these properties. In fact, the pad rental rates are at least 20% under market rate (35% lower than some in nearby Bloomington-Normal)! The parks are zoned as a combination of 0060 (improved commercial) & farmland. All of the tenants pay their rent at the local bank. The parks have an on-site manager. The parks also have a maintenance man.
The pads at All Seasons & Autumn Oaks are designed to accommodate double-wide's. There are presently ZERO homes that need to be removed from the property as they are all in solid condition. Currently 98% of the homes in the park are TOH's. There is currently just one park owned home that rents for $600/month (which is not being included in the sale of the property). There are presently 47 TOH's on the property. The average pad rental rate is only $390/month. There are no vacant trailers and no trailers being held for back taxes. The parks utilizes annual leases. None of the tenants are behind in rent! The tenants currently pay their rent at Heartland Bank (just a few blocks away). The zoning was changed in 2014 to allow 50% of the park to be single wide trailers!
In addition to the 47-pads that are presently occupied, another 21-sites have concrete pads. The remaining 13-sites are just vacant lots. Some of the pads will need to be connected to the water/sewer at the street.
CITY WATER & CITY SEWER!!! The waterlines are primarily PVC and copper and have been updated. The previous owner put over $1,000,000 into underground infrastructure in 2008. The electrical pedestals are 200 amp to each pad. Residents are billed directly for their electricity, gas, & water by their respective providers (garbage included in water bill). The roads are considered to be in solid shape are asphalt. The park maintains the roads (paved the top layer a couple of years ago for $100,000). The tenants are required to mow their own space and the park takes care of the common areas. The park moves snow as needed.
Location
Chenoa is a city in McLean County, Illinois, United States. The population was 1,695 at the 2020 census. The city is located at the intersections of Interstate 55, Historic Route 66, and U.S. Route 24.
The median home cost in Chenoa is $130,300. Home appreciation the last 10 years has been 40.7%. Home Appreciation in Chenoa is up 16.3%.
Renters make up 22.5% of the Chenoa population. 1.4% of houses
and apartments in Chenoa, are available to rent.
A typical home costs $130,300, which is 61.5% less expensive than the national average of $338,100 and 46.1% less expensive than the average Illinois home, at $241,700. Renting a two-bedroom unit in Chenoa costs $840 per month, which is 41.3% cheaper than the national average of $1,430 and 50.0% cheaper than the state average of $1,260.
Chenoa has an unemployment rate of 5.0%. The US average is 6.0%.
Chenoa has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 22.9%.
The crime rate in Chenoa, IL is significantly lower than the US average. Violent crime rate in Chenoa, IL is 9.8 which is 51% lower than the US average of 22.7, while property crime rate in Chenoa, IL is 12.4 which is 65% lower than the US average of 35.4. This indicates that Chenoa, IL is a secure and safe place to live or visit with low chances of being a victim of violent or property related crimes compared to the US average.
Chenoa, IL is located:
17 miles north of Bloomington-Normal
53 miles east of Peoria, IL
65 miles NW of Champaign, IL
110 miles SW of Chicago, IL
189 miles NE of St. Louis, MO
McLean County is the largest county by land area in the U.S. state of Illinois. According to the 2020 Census, it had a population of 170,954. Its county seat is Bloomington. McLean County is included in the Bloomington–Normal, IL Metropolitan Statistical Area.
Bloomington-Normal has a vibrant economy with the anchors being Illinois State University and the corporate headquarters for State Farm Insurance.
Here are the largest employers in McLean County:
•State Farm Insurance Co. (14,436 employees)
•Illinois State University (3,940 employees)
•Rivian (3,700 employees)
•Country Financial (2,020 employees)
•Unit 5 Schools (1,874 employees)
•OSF HealthCare (1,286 employees)
•Carle BroMenn Healthcare (1,337 employees)
•McLean County, Government (817 employees)
•Afni, Inc. (815 employees)
•District 87 Schools (687 employees)
•City of Bloomington (667 employees)
•Bridgestone/Firestone Co. (502 employees)
•GROWMARK, Inc. (495 employees)
•Illinois Wesleyan University (482 employees)
•Heritage Operations Group (441 employees)
•Town of Normal (401 employees)
•Heartland Community College (369 employees)
•Tentac Enterprises (348 employees)
•IAA/Illinois Farm Bureau (329 employees)
•Ferrero USA (300 employees)